2022 Annual Report

including Corporate Responsibility Report

Annual Report 2022
and Financial Statements
including Financial Statements and
Corporate Responsibility Report
Annual Report 2022

About us

RELX is a global provider of information-based

analytics and decision tools for professional and business
customers, enabling them to make better decisions,
get better results and be more productive.

Our purpose is to benefit society by developing products

that help researchers advance scientific knowledge;
doctors and nurses improve the lives of patients; lawyers
promote the rule of law and achieve justice and fair results
for their clients; businesses and governments prevent
fraud; consumers access financial services and get fair
prices on insurance; and customers learn about markets
and complete transactions.

Our purpose guides our actions beyond the products that

we develop. It defines us as a company. Every day across
RELX our employees are inspired to undertake initiatives
that make unique contributions to society and the
communities in which we operate.

Forward-looking statements
This Annual Report contains forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the US
Securities Exchange Act of 1934, as amended. These statements are subject to risks and uncertainties that could cause actual results or outcomes of RELX PLC
(together with its subsidiaries, “RELX”, “we” or “our”) to differ materially from those expressed in any forward-looking statement. We consider any statements that
are not historical facts to be “forward-looking statements”. The terms “outlook”, “estimate”, “forecast”, “project”, “plan”, “intend”, “expect”, “should”, “could”, “will”,
“believe”, “trends” and similar expressions may indicate a forward-looking statement. Important factors that could cause actual results or outcomes to differ
materially from estimates or forecasts contained in the forward-looking statements include, among others: compromises of RELX cyber security systems or other
unauthorised access to our databases; regulatory and other changes regarding the collection, transfer or use of third-party content and data; changes in law and legal
interpretations affecting RELX intellectual property rights and internet communications; current and future geopolitical, economic and market conditions; changes
in economic cycles, communicable disease epidemics or pandemics, severe weather events, natural disasters and terrorism; changes in tax laws and uncertainty in
their application; changes in the payment model for RELX products; competitive factors in the industries in which RELX operates and demand for RELX products and
services; failure of third parties to whom RELX has outsourced business activities; breaches of generally accepted ethical business standards or applicable laws;
significant failure or interruption of RELX systems; inability to realise the future anticipated benefits of acquisitions; inability to retain high-quality employees and
management; exchange rate fluctuations and other risks referenced from time to time in the filings of RELX PLC with the US Securities and Exchange Commission.
You should not place undue reliance on these forward-looking statements, which speak only as of the date of this announcement. Except as may be required by law, we
undertake no obligation to publicly update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this
announcement or to reflect the occurrence of unanticipated events.
RELX Annual Report 2022 1

Contents

Strategic report
Overview
Overview
2 2022 Highlights
3 Chair’s statement
4 Chief Executive Officer’s report
5 RELX business overview

Market segments
Market segments
12 Risk
16 Scientific, Technical & Medical
20 Legal
24 Exhibitions

Corporate responsibility
28 Introduction
35 Our unique contributions
40 CR governance
44 People

Corporate Responsibility
50 Customers
55 Community
59 Supply chain
63 Environment
73 CR disclosure standards

Financial review
82 Chief Financial Officer’s report
88 Principal and emerging risks

Governance Governance

Financial review
98 Board Directors
100 RELX senior executives
102 Chair’s introduction to corporate governance
103 Corporate governance review
119 Report of the Nominations Committee
121 Directors’ remuneration report
143 Report of the Audit Committee
147 Directors’ report

Financial statements Financial statements

154 Independent auditor’s report
and shareholder information
Governance
162 Consolidated financial statements
206 RELX PLC company only financial statements
214 Summary consolidated financial information in euros
215 Summary consolidated financial information in US dollars
216 Alternative performance measures

Shareholder information
226 Shareholder information
IBC 2023 financial calendar
other information
Financial statements and

To download the full Annual Report and for

further information about our Company
visit relx.com
2 RELX Annual Report 2022 | Overview

2022 Highlights

ƒ Revenue £8,553m (£7,244m), underlying growth of +9%

ƒ Adjusted operating profit £2,683m (£2,210m), underlying growth +15%
ƒ Adjusted profit before tax £2,489m (£2,077m), constant currency growth +13%
ƒ Reported operating profit £2,323m (£1,884m)
ƒ Reported profit before tax £2,113m (£1,797m)
ƒ Adjusted EPS 102.2p (87.6p), constant currency growth +10%
ƒ Reported EPS 85.2p (76.3p)
ƒ Proposed full year dividend 54.6p (49.8p) +10%
ƒ Net debt/EBITDA 2.1x (2.4x); adjusted cash flow conversion 101% (101%)
ƒ Scope 1 + Scope 2 emissions (tCO2e) 42,481 (49,695)
ƒ SDG Resource Centre unique users 155,082 (133,832)
Prior year comparatives are represented in brackets.

RELX financial summary

ADJUSTED FIGURES Change at
2021 2022 constant Change
For the year ended 31 December £m £m Change currencies underlying
Revenue 7,244 8,553 +18% +11% +9%
Operating profit 2,210 2,683 +21% +14% +15%
Operating margin 30.5% 31.4%
Profit before tax 2,077 2,489 +20% +13%
Net profit attributable to shareholders 1,689 1,961 +16% +10%
Cash flow 2,230 2,709 +21% +13%
Cash flow conversion 101% 101%
Return on invested capital 11.9% 12.5%
Earnings per share 87.6p 102.2p +17% +10%
DIVIDEND
Ordinary dividend per share 49.8p 54.6p +10%

REPORTED FIGURES
2021 2022
For the year ended 31 December £m £m Change
Revenue 7,244 8,553 +18%
Operating profit 1,884 2,323 +23%
Profit before tax 1,797 2,113 +18%
Net profit attributable to shareholders 1,471 1,634 +11%
Net margin 20.3% 19.1%
Net debt 6,017 6,604
Earnings per share 76.3p 85.2p +12%

RELX corporate responsibility summary

REPORTED FIGURES

For the year ended 31 December 2021 2022 Change

Percentage of women senior leaders 30% 31%

Market value of cash and in-kind donations (£m) 20.6 22.6 +10%
Number of supplier code signatories 3,670 4,467 +22%
Scope 1 + Scope 2 (location-based) emissions (tCO2e) 49,695 42,481 -15%
Waste sent to landfill (t) 150 73 -51%
The shares of RELX PLC are traded on the London, Amsterdam and New York stock exchanges. RELX PLC and its subsidiaries, joint ventures and associates are together
known as ‘RELX’.

RELX uses adjusted and underlying figures as additional performance measures. Adjusted figures primarily exclude the amortisation of acquired intangible assets and
other items related to acquisitions and disposals, and the associated deferred tax movements. Reconciliations between the reported and adjusted figures are set out on
pages 216 to 224. Underlying growth rates are calculated at constant currencies, excluding the results of acquisitions until 12 months after purchase, and excluding the
results of disposals and assets held for sale. Underlying revenue growth rates also exclude exhibition cycling. Constant currency growth rates are based on 2021 full-year
average and hedge exchange rates.
RELX Annual Report 2022 3

Chair’s statement

Overview
We continued to execute against our strategy
in 2022 which was reflected in our strong

Market segments
financial performance. We also continued
to build on our strong environmental,
social and governance performance, which
was recognised by many external agencies.
Paul Walker, Chair

RELX continues to execute well on its strategic priorities aimed at Environment, Social and Governance

achieving better customer outcomes, a higher growth profile and
improving returns, while having a positive impact on society.
Underlying revenue growth was 9 percent, with underlying
adjusted operating profits up 15 percent, as we continued to grow
revenues ahead of costs. Adjusted earnings per share grew
10 percent at constant currencies to 102.2p (87.6p). Reported
earnings per share were 85.2p (76.3p).
This was an excellent performance in an uncertain economic
environment. RELX enjoys very high levels of employee
engagement, which is a driver of growth in the business.
Corporate Responsibility
Corporate responsibility (CR) remains a key priority for RELX.
During the year, the Board reviewed the company’s CR activities,
including its progress on environmental, social and governance
(ESG) objectives and unique contributions to society as described
in the CR Report, which this year we have made an integral part of
the Annual Report for the first time.
We are pleased to continue to receive positive recognition for our
ESG performance. ESG ratings from external parties including a
AAA MSCI ESG rating for a seventh consecutive year and inclusion
in MSCI’s UK ESG Leaders Index; ranking 11th out of more than

Financial review
14,000 companies globally and first in our sector by Sustainalytics;
The strong culture encourages innovation and creativity, and
fourth in the Responsibility100 Index, an assessment of the FTSE
investment in new products and analytical tools that provide ever
100 on performance against the UN Sustainable Development
greater value for our customers, while also making a valuable
Goals; while remaining a constituent of the Dow Jones
contribution to society and the communities in which we operate
Sustainability Index and Bloomberg Gender Equality Index.
Dividends
On behalf of the Board, I would like to thank RELX employees
We are proposing a full-year dividend increase of 10% to 54.6p.
for their many achievements throughout 2022. I have every
The long-term dividend policy is unchanged.
confidence that with their expertise and commitment RELX
Balance sheet will continue to be successful in the year ahead.
Net debt was £6.6bn at 31 December 2022. Net debt/EBITDA
including pensions was 2.1x, compared with 2.4x in 2021. Paul Walker

Governance
Capital expenditure represented 5% of revenues. Chair
Share buybacks
In 2022 we deployed £500m on share buybacks. We intend to
deploy a total of £800m in 2023.
The Board
Wolfhart Hauser, who has been on the board since 2013, will be
stepping down as a Non-Executive Director after the next Annual
General Meeting. He has been the Senior Independent Director
since 2016 as well as chair of the Remuneration Committee.
I would like to thank Wolfhart for his support and advice over many
years. In 2022, Suzanne Wood will become the Senior Independent
other information
Financial statements and

Director and Robert MacLeod will become Chair of the

Remuneration Committee.
4 RELX Annual Report 2022 | Overview
Chief Executive Officer’s report
2022 progress
RELX delivered strong revenue and profit growth in 2022. The
improving long-term growth trajectory is being driven by the
ongoing shift in our business mix towards higher growth analytics
and decision tools that deliver enhanced value to our customers
across market segments.
Underlying revenue growth was 9%. Underlying adjusted
operating profit growth was 15%. All four business areas grew
well, with underlying adjusted operating profit growth in line with,
or ahead of, underlying revenue growth. Adjusted earnings per
share growth was 10% at constant currencies. Cash conversion
was 101%, contributing to a further reduction in leverage to 2.1x.
In recognition of our strong cash flow and financial position, we are
proposing a 10% increase in the full-year dividend, and we intend
to deploy a total of £800m on share buybacks in 2023.
Corporate responsibility
We also performed well on our corporate responsibility priorities
during the year, making good progress with our unique
contributions to society, further improving our key performance
metrics, and again being recognised by a number of external
agencies through high Environmental, Social and Governance
(ESG) ratings.
Our unique contributions are where in the conduct of our business
we deploy our resources and skills to make a positive impact on
society. They include advancing science and health, protection
of society, and promotion of the rule of law and access to justice.
In Risk, we expanded financial inclusion pilots in low-income
countries and used our products to reduce online fraud and
identity theft. In Scientific, Technical and Medical, we championed
inclusive health and research through global partnerships.
In Legal, we conducted legislative reviews to support the fight
against online exploitation of children. In Exhibitions, we worked
with peers on efforts to advance net zero and the transition
to a low-carbon economy.
Recognising that across RELX we have products, services,
tools and events that advance the United Nations’ 17 Sustainable
Development Goals (SDG), we continued to expand the free
RELX SDG Resource Centre with all four business areas
contributing content.
RELX delivered strong revenue and profit
growth in 2022. The improving long-term
growth trajectory is being driven by the
ongoing shift in our business mix towards
higher growth analytics and decision tools
that deliver enhanced value to our customers
across market segments.
Erik Engstrom, Chief Executive Officer
We further improved on our key performance metrics. We
ensured 100% of our electricity came from renewable sources and
renewable energy certificates, and we reduced our Scope 1 and 2
carbon emissions by 15%. We also increased the number of
suppliers signing our Code of Conduct which sets out our
expectations for suppliers’ ethical behaviour.
RELX received external recognition for its ESG performance.
It achieved a AAA MSCI ESG rating for the seventh consecutive
year; a first place sector ranking on ESG by Sustainalytics; and
was a constituent of the Bloomberg Gender Equality Index for the
fourth consecutive year.
Strategic Direction
Our strategic direction remains unchanged. We focus on
the organic development of increasingly sophisticated
information-based analytics and decision tools that deliver
enhanced value to our professional and business customers
across market segments.
Across all market segments, the improving long-term growth
trajectory is being driven by the ongoing shift in our business
mix towards higher growth analytics and decision tools. When
combined with our strategy of driving continuous process
innovation to manage cost growth below revenue growth, the result
is continued strong earnings growth, with improving returns.
Our priorities for use of cash are unchanged. Organic development
remains our number one priority. Second, we augment that
organic development with selective acquisitions, with the level
of spend typically being the most significant variable in our uses
of cash. Third, over the longer term, we grow dividends broadly
in line with adjusted earnings per share while targeting cover of
at least two times. Fourth we maintain leverage in a comfortable
range; and finally, we use any remaining cash to buy back shares.
Outlook
Momentum remains strong across the group, and we expect
underlying growth rates in revenue and adjusted operating
profit to remain above historical trends, driving another year
of strong growth in adjusted earnings per share on a constant
currency basis.
Erik Engstrom
Chief Executive Officer
RELX Annual Report 2022 5

RELX business overview

Overview
RELX strategic direction
Our number one strategic priority continues to be the organic development of increasingly sophisticated information-based analytics
and decision tools that deliver enhanced value to professional and business customers across the industries that we serve.
Our goal is to help our customers make better decisions, get better results and be more productive. We do this by leveraging a deep
understanding of our customers to create innovative solutions which combine content and data with analytics and technology on

Market segments
global platforms.
We aim to build leading positions in long-term global growth markets and leverage our skills, assets and resources across RELX,
both to build solutions for our customers and to pursue cost efficiencies.
We are systematically migrating all of our information solutions across RELX towards higher value-add decision tools, adding broader
data sets, embedding more sophisticated analytics and leveraging more powerful technology, primarily through organic development.
We are adding decision tools and analytics, transforming our core business, building out new products and expanding into higher
growth adjacencies and geographies. We are supplementing this organic development with selective acquisitions of targeted data
sets and analytics, and assets in high-growth markets that support our organic growth strategies, and are natural additions to our
existing businesses.
By focusing on evolving the fundamentals of our business we believe that, over time, we are improving our business profile and the
quality of our earnings. This has led to a higher growth profile as we expand in higher growth segments and increase decision tools and

Corporate Responsibility
analytics as a proportion of the business; and improved returns by focusing on organic development with strong cash generation while
delivering better customer outcomes and a positive impact on society.

Strategy

ƒDevelop increasingly sophisticated information-based analytics and decision tools that deliver enhanced value
to professional and business customers across market segments
ƒPrimary focus on organic growth, supported by targeted acquisitions

Growth objectives

Risk
ƒSustain strong long-
term growth profile
Financial review
Scientific, Technical & Medical Legal Exhibitions
ƒContinue on improved ƒContinue on improved ƒCapture growth
growth trajectory growth trajectory opportunity from
reopening and digital

Outcomes

Better customer outcomes | Higher growth profile | Improving returns | Positive impact on society

RELX business model

Governance
RELX is a global provider of information-based analytics and decision tools for professional and business customers. We leverage deep
customer understanding, combining leading content and data sets with powerful global technology platforms, to build sophisticated
analytics and decision tools that deliver enhanced value to our customers.
These products are generally sold through dedicated sales forces direct to customers and are priced on a subscription or transactional
basis, often under multi-year contracts, and are predominantly delivered in electronic format.
Our products often account for less than 1% of our customers‘ total cost base but can have a significant and positive impact on the
economics of the remaining 99%. Our objective is to continue to enhance the value that we deliver to our customers and over time to grow
our own total cost base below our rate of revenue growth on an underlying basis.

Revenue by format Revenue by geographical market Revenue by type

other information
Financial statements and

£8,553m £8,553m £8,553m

6%
19%
11% Electronic North America Subscription
Face-to-face Europe 46% Transactional*
Print Rest of world

21% 54%
60%

83%
* Includes long-term contracts with volumetric elements
6 RELX Annual Report 2022 | Overview

Key performance indicators

RELX’s key performance indicators (KPIs) track progress against long term priorities. At the group level, given the diverse nature of our end
markets, we look at the continued migration of the business towards electronic delivery, the increasing introduction of electronic decision
tools, group level financial metrics, and corporate responsibility and sustainability metrics. The executive directors’ remuneration policy
includes measures linked to financial and corporate responsibility KPIs and may also include other non-financial metrics (see pages 121 to
142 for details). In addition, we track KPIs within each market segment, at the product level, relevant to the performance of the specific
business areas. Significant group financial and corporate responsibility KPIs are set out below. Additional corporate responsibility and
sustainability performance metrics and targets are set out on pages 28 to 80 in the Corporate Responsibility section.

Financial KPIs
Revenue Adjusted operating profit Adjusted earnings per share

10 +9% 10 120
+10%
+4% +4% +7%
-9% +7% +7% +17%
-15%

Pence
£bn

£bn +6% +5% +15%

-18% +13%

0 0 0
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
Percentages represent underlying growth Percentages represent underlying growth Percentages represent constant currency growth

Return on invested capital Adjusted cash flow conversion Dividend per share

15% 13.2% 13.6% 120% 101% 101% 120

11.9% 12.5% 96% 96% 97%
10.8%

Pence
+6% +10%
+7% +9% +3%

0% 0% 0

2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
Percentages represent growth

Corporate responsibility KPIs

People Socially responsible suppliers Emissions

100% 5,000 4,467 100

83 78
3,457 3,670
3,082 3,202 59
tCO2e 1,000s

50
42% 42% 42% 44% 44% 42

0% 0 0
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
Percentage of women managers Total number of supplier code of Scope 1 + Scope 2 (location-based) emissions
conduct signatories

Revenue by format
Electronic Face-to-face Print

11% 10% 9% 8% 7% 6%
19% 18% 15% 13%
25% 22% 21% 5% 7% 11%
33% 27%
37% 15% 16% 16%
15%
51% 15%
52% 15% 15% 16%
58% 56% 15%
60% 14% 14%
64% 64%
17%
15%
87% 86%
12% 83%
13% 74% 74% 75%
12% 66% 70% 72%
12% 66%
12% 63% 64%
59% 61%
14% 14% 50%
48%
35% 37%
30% 32%
22% 28%
22%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
RELX Annual Report 2022 | RELX business overview 7

Market segments

Overview
RELX is a global provider of information-based analytics and decision tools for professional and business customers. RELX serves
customers in more than 180 countries and has offices in about 40 countries. It employs more than 35,000 people over 40% of whom
are in North America.

Financial summary by market segment

2022
adjusted
2022 operating
Market revenue Change profit Change
position £m underlying £m underlying

Market segments
Risk provides customers with information-based analytics Key verticals #1 2,909 +8% 1,078 +8%
and decision tools that combine public and industry-specific
content with advanced technology and algorithms to assist
them in evaluating and predicting risk and enhancing
operational efficiency

Scientific, Technical & Medical provides information and Global #1 2,909 +4% 1,100 +5%
analytics that help institutions and professionals progress
science, advance healthcare and improve performance

Legal provides legal, regulatory and business information US #2 1,782 +5% 372 +8%

Corporate Responsibility
and analytics that help customers increase their productivity, Outside US #1
improve decision-making and achieve better outcomes or # 2

Exhibitions combines industry expertise with data and digital Global #2 953 +64% 162 nm*
tools to help customers connect digitally and face-to-face, learn
about markets, source products and complete transactions

*The change in underlying adjusted operating profit growth is not meaningful (nm) for Exhibitions.
RELX uses adjusted and underlying figures as additional performance measures. Adjusted figures primarily exclude the amortisation of acquired intangible assets and other
items related to acquisitions and disposals, and the associated deferred tax movements. Reconciliations between the reported and adjusted figures are set out on pages 216 to
224. Underlying growth rates are calculated at constant currencies, excluding the results of acquisitions until 12 months after purchase, and excluding the results of disposals
and assets held for sale. Underlying revenue growth rates also exclude exhibition cycling. Constant currency growth rates are based on 2021 full-year average and hedge

Financial review
exchange rates.

RELX revenue by segment

Risk
Scientific, Technical & Medical Exhibitions
Legal 11%
Exhibitions
Business services

Governance
Legal print
News & business

Government & academic

Insurance

Legal Law firms & corporate legal Risk

21% 34%

Specialised industry data services

other information
Financial statements and

Government
STM print

Academic & government primary research Databases, tools & electronic reference

Corporate primary research

STM
34%

Pro forma last 12-month revenues for December 2022 portfolio (adjusted for acquisitions and disposals in year)
8 RELX Annual Report 2022 | Overview

Harnessing technology across RELX

Around 10,000 technologists, over half of whom are software engineers,

work at RELX. Annually, the company spends $1.6bn on technology.
The combination of our rich data sets, technology infrastructure and
knowledge of how to use next generation innovation allow us to create
effective solutions for customers.

DELIVERING TO CUSTOMERS IN SINGLE POINT OF EXECUTION

Dec
reas
ing c
onte
Data nt vo
lum
e Batch
Sources services
Relate &
ƒ Public
records Real-time
Profile & Clean Standardise API services
ƒ Contributory
Analyse
Visualisation
ƒ Licensed
integration
ality
ƒ Proprietary nt qu
g conte
n
easi
Incr

Analysis Customer single

Unstructured and structured content Big data platforms
applications point of execution

ƒ Hundreds of thousands of sources
ƒ Billions of device and asset
identities
ƒ Hundreds of millions of records
added daily
ƒ Grid computing with low-cost servers ƒ Patented algorithms ƒ Modular product
ƒ Linking algorithms that generate high precision and recall ƒ Predictive modeling suites
ƒ Machine learning algorithms to cluster, link and learn from ƒ Machine learning ƒ Flexible delivery
the data and artificial platforms
ƒ High speed data ingestion, recall, and processing intelligence
ƒ Rapid development cycles

Technology at RELX involves creating actionable insights from big data – large volumes
of data in different formats being ingested at high speeds.
We take this high-quality data from thousands of sources in
varying formats – both structured and unstructured. We then
extract the data points from the content, link the data points and
enrich them to make it analysable. Finally, we apply advanced
statistics and algorithms, such as machine learning and natural
language processing, to provide professional customers with
the actionable insights they need to do their jobs. That could be a
university benchmarking its performance; a doctor deciding the
best way to treat a patient; a litigator assessing whether to take
a case to court; a retailer deciding if a transaction is genuine; or
an insurance underwriter assessing the likelihood of a claim.
Technology is a key enabler at RELX and we leverage our
resources, capabilities and infrastructure across the
organisation. We are continually building new products and
data and technology platforms, re-using approaches and
technologies across the company to create platforms that are
reliable, scalable and secure. Even though we serve different
segments with different content sets, the nature of the
problems solved and the way we apply technology has
commonalities across the company. We also leverage
technology to improve operational efficiencies.
RELX Annual Report 2022 | RELX business overview 9

CASE STUDY

Overview
CIRIUM
Calculating flight emissions with precision using Cirium from Risk

Measuring flight emissions is straightforward: multiply fuel

consumed by 3.16. The number is a constant representing the HOLLY BOYD-BOLAND
amount of CO2 produced by burning a tonne of aviation fuel.
The problem is fuel consumption is considered sensitive Vice President, Corporate
information and not disclosed by airlines. To overcome the Development at Virgin Atlantic
issue, the UK’s Department for Environment, Food and Rural

Market segments
Affairs (DEFRA) devised a methodology to estimate emissions
based on distance travelled. This has become the global
standard for companies wanting to measure their emissions Virgin Atlantic operates one of the youngest
from business travel. Unfortunately, it is not precise. There and most fuel-efficient fleets across the
are many other factors that affect emissions. Atlantic. Accurate measuring, monitoring,
Cirium has developed a new methodology based on fuel-burn and forecasting of CO2 emissions is critical as
rather than distance-travelled. It factors in an array of we target and monitor progress to Net Zero
variables, including actual flight time (more relevant than
2050, allowing us to better understand our
distance in determining how much fuel was used), aircraft
model, aircraft age, engine type, number of seats, passenger
environmental impact. Importantly, it also
load, cargo load, weather, taxi time – even how long a plane idles provides a tool to empower our customers

Corporate Responsibility
on the runway or circles in the air. This enables Cirium clients to to track and choose airlines with the lowest
view the emissions by operator, aircraft type or geographical carbon footprint. Cirium is leading the way
region and on a historical, or predictive basis, solving a variety in this field, building data and forecasting
of use cases. The emissions data can also be merged with
capabilities that are the most accurate we
passenger booking information to provide companies with
insights into their own carbon footprint associated with have seen to date, as verified against our
business travel. own historical fuel burn and emissions data.
The level of precision and accuracy of Cirium’s CO2 exceeds
estimates generally available today. American Airlines and
Virgin Atlantic commend the accuracy of Cirium’s fuel burn

Financial review
estimates in pre-market evaluations.

We’re taking a data-driven approach to emissions JILL BLICKSTEIN

Working with airlines, manufacturers and industry organisations Head of ESG,

on a more accurate approach
at American Airlines

1 2 3
Physical Aircraft Flight Operations Seat Dimension
Variation of types, Actual flight time is Seat configurations
engines and other far more relevant and dimensions for the To reduce our emissions and reach Net Zero
modifications to than distance in same aircraft type can
by 2050, we’re taking action to run a more

Governance
improve emissions determining fuel burn vary greatly by airline
fuel-efficient operation with more
fuel-efficient aircraft powered increasingly
1. Aircraft Weight
Estimation
2. Flight
Operations
4. Carbon
Allocation
by low-carbon fuel. And we’re holding
ourselves accountable by becoming the
first airline in the world with a 2035 target
3. Fuel
validated by the Science Based Targets
Model initiative. Reducing aviation’s emissions
will require partnership among the airlines,
our suppliers and our customers – and it’s
other information
Financial statements and

important to build those partnerships on

Flight Weight Estimation
+ sound emissions data and calculations.
Fuel Burn Cirium brings deep aviation expertise to
+ the table on this important topic, and the
Flight Operations Carbon approach they’ve taken considers numerous
+ Per Seat
Carbon
Allocation
variables of an aircraft and its operations.
Fuel Model
10 RELX Annual Report 2022

Market
segments
In this section
12 Risk
16 Scientific, Technical & Medical
20 Legal
24 Exhibitions
 Overview Market segments Corporate Responsibility Financial review Governance Financial statements and
other information
11
RELX Annual Report 2022
12 RELX Annual Report 2022 | Market segments
Risk
We combine data and analytics with deep industry expertise to help customers
make better decisions and manage risk. We help detect and prevent online
fraud and money laundering and deliver insight to insurance companies.
We provide digital tools that help industries from aviation to banking improve
their operations.
Business overview
Risk provides customers with information-based analytics and
decision tools that combine public and industry-specific content
with advanced technology and algorithms to assist them in
evaluating and predicting risk and enhancing operational
efficiency.
LexisNexis Risk Solutions, headquartered in Alpharetta, Georgia,
has principal operations in California, Florida, Illinois, New York
and Ohio in North America as well as London and Paris in Europe,
Sāo Paulo in Latin America and Beijing and Singapore in Asia
Pacific. It has 10,800 employees and serves customers in more
than 180 countries.
Revenues for the year ended 31 December 2022 were £2,909m,
compared with £2,474m in 2021 and £2,417m in 2020. In 2022, 80%
of revenue came from North America, 13% from Europe and the
remaining 7% from the rest of the world. Subscription revenue
represented 39% of the total and transactional revenues,
including long term contracts with volumetric elements,
represented 61%.
LexisNexis Risk Solutions comprises the following market-facing
industry/sector groups: Business Services, Insurance Solutions,
Specialised Industry Data Services (including energy and
chemicals, aviation, agriculture and human resources) and
Government Solutions.
Business Services, representing around 45% of revenue, enables
global financial transparency and inclusion by providing holistic
and actionable insights for all risk and compliance segments.
We help customers address some of the greatest challenges
facing businesses today, including identifying fraud, cybercrime,
bribery and corruption, human trafficking, economic sanctions,
global terrorism and abusive practices. The combination of our
proprietary data sets, public records, contributory data, licenced
data and advanced analytics, powered by Machine Learning (ML)
and other Artificial Intelligence (AI) technologies, deliver
actionable insights that improve decisions and operations
efficiency for customers globally.
The primary driver of the Business Services growth strategy
is to increase penetration in our current markets across our
customers’ workflows and through international expansion.
In 2022, Business Services added functionality to its global fraud
and identity portfolio through the acquisition of BehavioSec,
a behavioural biometrics technology provider; we released
LexisNexis Decision Trust to decrease fraud while promoting
financial inclusion and also extended consumer verification
capabilities into Brazil by launching LexisNexis Identity
Verification Solution; and launched LexisNexis FraudPoint UK,
a machine learning fraud tool developed specifically for the
UK market.
Business Services launched LexisNexis RiskView UK, a market
scoring solution using alternative data, and LexisNexis RiskView
6.0 Attributes to give US customers expanded consumer insights
for an enhanced perspective on credit risk. Business Services
also expanded its financial crime compliance solution portfolio
globally with the launch LexisNexis RiskNarrative, a cloud-based
orchestration platform that detects, prevents and reports
financial crime. In 2022, LexisNexis Risk Solutions completed a
strategic investment in Quod, the Brazilian provider of credit
risk analysis solutions that Business Services helped establish
beginning in 2017, to align our global focus on financial inclusion
and strengthen strategic ties with Quod.
Insurance Solutions, representing just under 40% of revenue,
provides comprehensive data, analytics and decision tools for
personal auto and home, commercial and life insurance carriers
to improve critical aspects of their business. Information solutions
help insurers assess risks, improve customer experience,
increase efficiency in pricing and underwriting insurance policies,
and settle claims in the US and other key markets. Industry-
leading products provide real-time information on policy holders,
identify insurance coverage details and lapses in coverage, and
give insurers access to vehicle and behaviour-centric data,
standardised across automakers for the underwriting and claims
processes. Innovative decision tools are delivered through a
single point of access within an insurer’s infrastructure.
Insurance Solutions drive more consistency and efficiency in
claims, providing data and decisions for challenging total losses at
first notice of loss and throughout the claim life cycle. Life insurers
use predictive models, public and motor vehicle records to better
understand mortality risk and make life insurance more
accessible. In 2022, Insurance Solutions acquired Flyreel, a
property insurtech that uses AI and ML to enable self-service
property inspections. This innovation provides additional visibility
into a property’s interior and exterior to improve new business or
renewal underwriting and claims processes and is an example of
continued focus on enhanced risk assessment.
Specialised Industry Data Services, representing just over 10%
of revenue, provides critical business intelligence, data, software
and analytics solutions to professionals in many of the world’s
largest industries. Our brands include: ICIS, an independent
source of data and intelligence for the global chemical and energy
markets; Cirium, the aviation analytics company; XpertHR, a
compliance, benchmarking and pay-equity data and analytics
business driving global HR topics; and Nextens, a provider of
workflow solutions, content and analytics for tax professionals.
RELX Annual Report 2022 | Risk
Government Solutions, representing just over 5% of revenue,
has helped US agencies, especially during the pandemic, shift
from identity verification to authentication. Front-end identity
authentication is central to how the government dispenses
hundreds of billions of dollars in entitlements, stimulus,
benefits and contracts to people and businesses.
Our solution synthesises thousands of data sources and billions
of relationships into modernised interfaces, providing agencies
immediate access to identity and authentication analytics. It
creates near-frictionless identity verification and authentication
for everything from unemployment insurance claims and remote
government workforce access to matching of patient data,
providing a snapshot in time for public health researchers.
Market opportunities
We operate in markets with strong long-term growth in demand
for high-quality advanced analytics based on industry information
and insight, including: insurance underwriting transactions;
insurance acquisition, retention and claims handling; tax and
public benefits fraud; financial crime compliance; business risk;
fraud and identity solutions; due diligence requirements
surrounding customer enrolment; security and privacy
considerations; and data and advanced analytics for the banking,
energy and chemicals, aviation and human resources sectors.
Expansion of mobile and digital use cases continue to drive
opportunity for Business Services solutions that incorporate
global data and drive efficiency in risk decision-making. As
criminals continuously adjust attack vectors targeting financial
transactions, organisations are utilising our solutions to evolve
their fraud detection and prevention, financial crime and
compliance, and consumer and business credit programmes.
Mounting costs from fraud schemes, anti-money laundering
programmes, sanctions compliance, anti-bribery and corruption
enforcement, consumer and business credit expansion, and
heightened regulatory scrutiny also provide growth opportunities.
We are seeing new use cases for our solutions continue to emerge
for corporations within the gaming and buy now, pay later segments.
In Insurance, growth is supported by customer experience
advances in the auto, home, commercial and life insurance
markets and the increasing adoption by insurance carriers of
more sophisticated data and analytics in the prospecting,
underwriting and claims evaluation processes, to assess risk,
increase competitiveness and improve operating cost efficiency.
Transactional activity is driven by growth in insurance quoting
and policy switching, as consumers seek better policy terms. This
activity is stimulated by competition among insurance companies,
increased loss ratios and consumer interest in insurance internet
quoting and policy binding. We see opportunities across the
insurance continuum using data and analytics to play a critical role
in assisting the insurer and consumer decision-making process
and make it easier for consumers and businesses to transact
with insurers throughout the policy life cycle.
We deliver solutions that bridge insurers and automakers,
utilising connectivity and data from connected cars to insert
vehicle data into insurer workflows and empower consumers
with a deeper understanding of driving behaviour. Our deepening
relationships with automakers reflect the need to improve and
digitise the consumer experience through ownership
management and connected services solutions, while creating
efficiencies within automakers’ operations.
In Specialised Industry Data Services, growth in the global energy
and chemicals markets is led by changing trade patterns, a drive
to embrace sustainability and demand for more sophisticated
supply chain solutions. Aviation is recovering, with businesses
13
such as airlines focusing on digital transformation, new market
Overview
opportunities are emerging, and the industry is focusing on CO2
emissions data and ESG reporting. An increasing need for
employers to use data and analytics to attract, retain and develop
a diverse workforce is accelerating growth in HR management.
With over 7,500 federal, state and local agencies using our
services, Government Solutions continues its mission of
preventing fraud, fighting crime, reducing risk, and providing
citizens with immediate, equitable access to digital-based
services. The $2,000bn CARES Act increased the demand for
online access to government services and highlighted the need for
robust fraud prevention tools as criminals continued to
Market segments
compromise these systems, leveraging both online and mobile
access technologies. This problem has proven to be pronounced
and sophisticated as government investigations into fraud have
increased. Data integrity and fraud prevention for businesses and
people plays an increasingly important role in accessing
government services and receiving entitlements as agencies
continue to adopt private sector technologies. The level and timing
of demand in this market is influenced by government funding and
revenue considerations.
Strategic priorities
Our strategic goal is to help customers make better decisions by
Corporate Responsibility
offering greater insight into the risks and opportunities associated
with individuals, businesses, devices, transactions and
regulations. We assist customers by providing high quality data
and decision tools to help them understand their markets,
manage risks efficiently and control cost effectively. We enable
this by focusing on: delivering innovative products; expanding the
range of data and analytics solutions across adjacent markets;
addressing international opportunities to meet local needs;
continuing to strengthen our content, technology and analytical
capabilities; and investing in sales and marketing.
LexisNexis Risk Solutions has been developing AI and ML
Financial review
techniques for a number of years to generate actionable insights
that help our customers make accurate, better informed and
more timely decisions. The successful deployment of AI and ML
techniques starts with a deep understanding of customer needs
and leverages the breadth and depth of our data sets, coupled with
the expertise and domain knowledge to discern which AI/ML
algorithm to use, in what context, to solve our customers’ business
problems most effectively.
Business model, distribution channels and competition
We sell our products direct-to-client, with pricing predominantly
on a transactional basis in the Business Services and Insurance
Governance
segments and largely on a subscription basis in Specialised
Industry Data Services and Government. We also utilise a
robust partner distribution channel.
Principal competitors in the Business Services and Government
Solutions segments include the major credit bureaus, which in
many cases address various capabilities within each solution
offering. In the insurance sector, Verisk sells data and analytics
solutions to insurance carriers but largely addresses different
activities to ours.
Specialised Industry Data Services competes with a number
of information providers on a service and title-by-title basis
other information
Financial statements and
including S&P Global Platts, Thomson Reuters and IHS Markit
as well as a number of niche and privately owned competitors.
14 RELX Annual Report 2022 | Market segments

2022 financial performance

2021 2022 Change Portfolio Currency

£m £m underlying changes effects Change
Revenue 2,474 2,909 +8% 0% +10% +18%
Adjusted operating profit 915 1,078 +8% -1% +11% +18%

Strong fundamentals driving underlying revenue growth Specialised Industry Data Services, which represents just
Underlying revenue growth remained strong at +8%. over 10% of divisional revenue, delivered strong growth,
Underlying adjusted operating profit growth was slightly ahead with improved growth trends across segments. Commodity
of underlying revenue growth, leading to a modest improvement intelligence was particularly strong and aviation returned
in adjusted operating margin, with minor dilution from recent to historical growth trends.
acquisitions offset by small positive currency movements.
In Government, strong growth was driven by the continued
In Business Services, which represents around 45% of development and roll-out of analytics and decision tools.
divisional revenue, strong growth was driven by Financial Crime
2023 outlook
& Compliance and fraud prevention analytics and decision tools,
We expect another year of strong underlying revenue growth,
with digital identity solutions growing particularly strongly.
in line with historical trends, with underlying adjusted operating
Business Risk & Alternative Credit also grew strongly.
profit growth broadly matching underlying revenue growth.
In Insurance, which represents just under 40% of divisional
revenue, momentum improved over the course of the year.
In auto insurance, driving patterns and claims improved from
the beginning of the year, whilst other market factors, including
shopping activity, saw improving trends during the second half.
New sales continued to grow strongly.

Revenue Adjusted operating profit

£2,909m £1,078m

Underlying growth +8% Underlying growth +8%

2,909 1,078
2,474 915

2021 2022 2021 2022

Revenue by format Revenue by geographical market Revenue by type

£2,909m Face-to-face & print £2,909m Rest of world £2,909m
1% 7%
Europe Transactional Subscription
13% 61%* 39%

North
America
Electronic 80% *c90% under long term contracts with volumetric elements
99%
RELX Annual Report 2022 | Risk 15

CASE STUDY

Overview
LexisNexis Telematics OnDemand
Driving a next-generation business
strategy

Automakers have traditionally been in the business of building

cars, but today they have the unique opportunity to evolve
into the emerging digital space by making the most of data.
Many are partnering with LexisNexis Risk Solutions, which
understands that consumers are becoming increasingly
aware of the advantage of sharing their driving and vehicle

Market segments
data for insurance discounts.
Mitsubishi Motors is using LexisNexis Risk Solutions as
a centrepiece of a digital strategy for attracting, engaging
and converting consumers to its lineup of cars. “We’re a
challenger brand, and we want to make sure that we’re
delivering,” says Bryan Arnett, director of digital product
$1,500+
strategy at Mitsubishi Motors R&D of America. “We are Over $1,500 saving for young driver using
seeking to provide digital solutions that offer immediate, Connected Car Telematics driving monitor
real-world benefit to our customers.”
Using LexisNexis Risk Solutions as its core, the company
“Our customer engagement is phenomenal and has surpassed
developed a Mitsubishi RoadAssist+ app. The smartphone app

collects driving data and sends it to the LexisNexis Telematics
Exchange where it is analysed and returned to give drivers
feedback on driving behaviour. In the exchange, the data is also
normalised and incorporated into insurance solutions such as
LexisNexis Telematics OnDemand that help insurers with risk
assessment, helping to provide drivers ways to save money on
purchasing or maintaining car insurance. The app also provides
feedback to drivers to help them improve their driving and
understand risky behaviours such as speeding, hard braking,
and hard acceleration.
Corporate Responsibility
expectations,” said Arnett. “It’s reducing the cost of ownership
for our customers and giving people a way to save money
on car insurance, particularly in areas where rates are high.
“I think that with a partner like LexisNexis Risk Solutions, we
can use the connected car to, for the first time, hear the voice
of the consumer. And as a manufacturer, we can do something
meaningful with that voice. We can deliver something that they
want and need,” Arnett said.
Young driver Katie Brewer-Calvert recently purchased her
own policy in the state of Georgia and says her safer driving
has translated into savings: “I’ve had my driving monitor for

Financial review
15 months, and I’ve already saved more than $1,500.”

ƒ We do business with 92% of the Fortune 100; 78% of the
Fortune 500; nine of the world’s top ten banks and 20 of the
world’s top 25 insurers
ƒ The LexisNexis Digital Identity Network analyses more than
250m transactions daily and more than 93bn transactions
annually
ƒ More than 179,000 websites and mobile applications around
the world implement the LexisNexis Digital Identity Network
ƒ More than 7,500 federal, state and local government
agencies use our solutions to prevent fraud and allow
citizens faster access to digital-based services, maintain
program integrity, reduce risk and fight crime
ƒ ICIS partners with 90% of the world’s top 100 chemical
companies and its recycling supply tracker profiles over
2,700 recycling plants globally, covering mechanical and
chemical technologies, that support industry as it strives for

ƒ Our solutions detected 443m human initiated attacks and
1.7bn automated bot attacks for customers in H1 2022
ƒ 86% of new US auto insurance policies issued to consumers
in 2022 benefited from our products
Governance
plastics circularity as part of the sustainability agenda
ƒ Cirium serves the majority of the top 100 airline groups,
representing over 90% of the world’s 2022 airline passenger
traffic, and four out of five of the Big Five Tech Firms.
It tracks 99% of flights globally in real time

Financial Crime Compliance Portfolio Fraud and Identity Management Portfolio

Integrated financial crime compliance Digital, physical, device and behavioral risk signals
offerings deliver comprehensive solutions to help organisations better assess consumers,
other information
Financial statements and

for addressing financial crime risk. prevent fraudulent transactions, improve

operational efficiencies and protect accounts
while minimising friction for trusted users.

LexisNexis Telematics OnDemand LexisNexisClaims Compass

A solution that seamlessly integrates Data analytics platform delivering LexisNexis

For more information
visit relx.com
telematics-based driving behaviour data from
connected vehicles and other telematics
service providers directly into insurer rating
and underwriting workflows for use at point
of quote and renewal.
Claims Datafill, VINsights, Claims Clarity
and LexisNexis Police Records solutions to
improve the claims process from first notice
of loss, triage, investigation and resolution,
through recovery.
16 RELX Annual Report 2022 | Market segments
Scientific, Technical & Medical
We help researchers share knowledge, collaborate, find funding opportunities
and make discoveries. We deliver analysis and insights that help universities,
research institutions, governments and funders achieve their strategic goals.
We help doctors and nurses improve the lives of patients, providing insights
and tools to find the right clinical answers.
Business overview
Scientific, Technical & Medical helps researchers and healthcare
professionals advance science and improve health outcomes by
combining quality information and data sets with analytical tools
to facilitate insights and critical decision-making.
Elsevier is headquartered in Amsterdam, with principal sites in
Boston, New York, Philadelphia, St. Louis and Berkeley in North
America; London, Oxford, Frankfurt, Munich, Madrid and Paris
in Europe; Beijing, Chennai, Delhi, Singapore and Tokyo in Asia
Pacific, and Rio de Janeiro in South America. It has 9,500
employees with customers in over 170 countries.
Revenues for the year ended 31 December 2022 were £2,909m,
compared with £2,649m in 2021 and £2,692m in 2020. In 2022, 48%
of revenue came from North America, 21% from Europe and the
remaining 31% from the rest of the world. Subscription revenue
represented 74% of total revenue and transactional revenues
represented 26%.
Elsevier’s customers are scientists, research leaders, librarians,
medical researchers, doctors, nurses, allied health professionals
and students, as well as hospitals, academic and research
institutions, health insurers, managed healthcare organisations,
research-intensive corporations, funders, and governments.
Elsevier’s services across Academic & Government, Corporate
and Health markets focus on: Databases & Tools including
e-Reference content; Primary Research; and Print products.
In each of these markets, our objective is to be a trusted partner
to the customers we serve and be known for quality.
Databases & Tools and electronic reference accounts for
close to 40% of revenues. Elsevier offers tools for Academic
& Government, Corporate and Health organisations helping
them to solve critical and complex problems. Solutions include
Scopus, SciVal, Pure, Interfolio, ClinicalKey, ClinicalPath, Reaxys,
SciBite, HESI, Sherpath, Shadow Health, Complete Anatomy,
Osmosis and Gravitas.
In the research space, Elsevier’s intelligence portfolio of
products combines quality structured data, advanced data
science, an array of indicators and clear visualisations to enable
researchers, university management, policy-makers, funders
and corporate research and development (R&D) executives to
generate insights, set and implement research strategies and
make decisions with confidence.
From curated and connected data in solutions such as Scopus, and
artificial intelligence technology in SciVal, to the interoperability
driven by Application Programming Interface technologies (APIs),
the research intelligence portfolio integrates with and enhances
the systems institutions rely on. In 2022, Elsevier acquired
Interfolio, a provider of faculty information solutions for higher
education, expanding offerings for academic institutions.
For corporates, SciBite tools and the Data-as-a-Service
proposition follow Elsevier’s ontology-led approach and support
corporate R&D customers in extracting scientific insights from
vast amounts of unstructured text and databases.
In 2022, Reaxys, Elsevier’s chemistry research platform
enhanced its market leading position in chemistry patent coverage
by extending its collaboration with LexisNexis PatentSight. Reaxys
won the Data Engineering Excellence Award at the Data Science
Excellence Awards, with the judges highlighting Reaxys Content
Catalyst, and AI-powered, automated content enrichment
production pipeline.
In health, Elsevier’s clinical solutions include digital solutions for
nurses, care teams and patients. Its clinical reference platform,
ClinicalKey, is designed to help doctors, nurses and students find
clinically relevant answers through a range of trusted content
across specialties. This includes Elsevier’s collection of medical
reference content, including over 1,400 clinical overviews, over
5.8m images and over 80,000 medical videos in one integrated site.
In 2022, we introduced ClinicalKey Now in India.
ClinicalPath provides pathways for cancer treatment, disease
screening, with personalised, evidence-based oncology guidance
for healthcare workers at the point of care.
Elsevier also serves students of medicine, nursing, and allied
health professions. Sherpath, an adaptive teaching and learning
solution, provides personalised learning paths at over 600
institutions, supporting more than 200,000 course enrolments,
while ClinicalKey Student is used in over 310 medical schools
globally. In 2022 Complete Anatomy, our 3D anatomy platform,
launched the world’s most advanced full female anatomy model
and the first model with diverse skin tones and facial features to
better represent populations worldwide. Shadow Health's Digital
Clinical Experiences allow nursing students to perfect clinical
reasoning skills using Digital Standardized Patients, including
modules for LGBTQI patients.
In commercial healthcare, identity, claims and provider data
is combined with patient information to assist healthcare
providers, pharmacies and insurers in delivering improved
health outcomes, ensuring accurate and complete provider
data and regulatory compliance.
In electronic reference, Elsevier provides authoritative
reference content to scientific, technical and medical
professionals. Flagship titles include Gray’s Anatomy, Nelson’s
Pediatrics and Netter’s Atlas of Human Anatomy. 2022 saw the
expansion of the new digital and print-on-demand MedReprints
service, responding to demand from pharmaceutical and
healthcare companies.
RELX Annual Report 2022 | Scientific, Technical & Medical
Primary Research accounts for around half of revenues.
Elsevier helps researchers validate, improve and disseminate
their scientific findings through its more than 2,800 journals,
enhancing the record of scientific knowledge by applying high
standards of quality and ensuring trusted research can be
accessed, shared and built upon. In collaboration with 32,000
editors and almost 1.4m reviewers worldwide, many Elsevier
journals are the foremost publications in their field, including
flagship families of journals like Cell Press and The Lancet,
now the number one journal globally in the general and internal
medicine category, measured by citations. Research content is
distributed and accessed via ScienceDirect, the world’s largest
platform dedicated to peer-reviewed primary scientific and
medical research.
In 2022, Elsevier received almost 2.7m article submissions,
publishing over 600,000 new research articles following peer
review, with the global scientific community accessing over
1.8bn articles across its journal platforms. The latest available
long-term comparison with the market showed that Elsevier
journal articles accounted for around 18% of global research
output and 28% of citations, demonstrating Elsevier’s
commitment to quality significantly ahead of the industry
average. Elsevier published over 150,000 open access articles,
a year-on-year increase of over 26%, and launched 88 new
journals the majority of which were Gold open access, growing
the Elsevier portfolio to over 700 Gold open access journals.
Elsevier has invested in other research solutions, such as SSRN
an open access online preprint community where researchers
post early-stage research, Scopus Author Profiles showing
preprints to provide an early view into a researcher’s focus areas
and Digital Commons helping academic libraries showcase and
share their institutions’ research via institutional repositories
for greatest impact.
Print accounted for 11% of Elsevier revenues serving demand
for primary research and reference content in print format and
providing some print-based commercial marketing services
in pharma & life science promotion.
Market opportunities
Scientific, technical and medical information markets have
positive long-term growth characteristics. Investment in R&D
is critical for nations and corporations to create competitive
advantage, drive innovation, economic growth and solve societal
issues such as climate change. This leads to long-term growth in
R&D spending and sustained increases in researchers worldwide.
As people live longer and aim to live healthier lives, health
expenditure and the number of physicians and nurses also
continues to grow strongly.
As a significant proportion of scientific research and healthcare
is funded directly or indirectly by governments, spending is
influenced by policy and budgetary considerations. Commitments
to research and health provision remain high, even in difficult
budgetary environments.
Strategic priorities
Elsevier’s strategic priorities are to help our customers solve
critical and complex problems, by expanding content quality,
coverage and utility; combining content with analytics and
technology to build integrated solutions and decision tools that
utilise advanced Machine Learning (ML) and Artificial Intelligence
(AI) to improve productivity and outcomes, and enable insights
underpinning critical decisions, benchmarking and evaluation.
In Databases & Tools, Elsevier is applying advanced linking
capabilities to our vast research information, patent, research
grant, drug information and medical claims data sets to develop
products that help our academic & government, corporate and
health customers make the right decisions based on their needs.
17
For example, within health, Elsevier is developing clinical decision
Overview
support applications using cognitive technologies and large image
and text content repositories, leveraging its proprietary health
graph. These applications will enhance delivery of content in care,
helping health professionals make more accurate diagnoses,
ensure appropriate care delivery and save lives.
In Primary Research, Elsevier’s priority is to support
researchers by finding a home for every sound science article
submitted, and providing choice in payment model, quality tier,
and scientific discipline. We aim to deliver above industry average
journal and article quality, at below average article download cost,
leveraging our scale and expertise. Elsevier works with
Market segments
customers to help them reach their research goals through
excellence in content, service and value. Elsevier is building on
its premium brands, enhancing quality through peer review,
and increasing article volume through new journal launches,
the expansion of open access journals and growth from emerging
markets; and broadening the range and quality of insights
across research solutions.
We continue to improve customer experience while driving
operational efficiency and effectiveness; and collaborate to
advance open science, inclusive research and inclusive health and
support the UN SDGs, through our business and the Elsevier
Foundation. In 2022, Elsevier published its Inclusion and Diversity
Corporate Responsibility
Advisory Board Report; won several awards for company culture;
and won the Customer Centric Culture category at the European
Customer Centricity Awards. We also published our 2022 Climate
Action report outlining our journey to a more sustainable future.
Business model, distribution channels and competition
In Databases & Tools, solutions like Scopus, ClinicalKey and
Reaxys, are generally sold direct to institutional, healthcare and
corporate customers through a global sales force. Reference and
educational content is sold directly to institutions and individuals
and accessed on Elsevier platforms.
Financial review
In Primary Research, science and medical research is
distributed via the ScienceDirect platform, supported by two
separate payment models to suit author preferences: pay-to-read
articles funded by payments for reading made by individuals or
institutions; and pay to publish (commonly known as open
access) funded by payments for publishing, made by authors,
their institution or funding bodies. Elsevier offers a range of pay
to read and pay to publish options, both subscription-based and
transactional, to fit the diverse needs of institutions, funders,
and researchers worldwide. As of 2022, Elsevier serves over
1,800 institutions worldwide with transformative deals that
support open access to research. Nearly all of Elsevier's over
Governance
2,800 journals enable open access publishing, with more than
700 dedicated author pays journals, the largest portfolio of open
access titles.
Elsevier is a founding and driving partner of Research4Life,
a United Nations initiative, providing free or low-cost access
to research for publicly funded institutions in the world’s
least resourced countries. Over 11,000 institutions in 125
countries participate.
Printed books are sold through retailers, wholesalers and
directly to users.
Competition within science and medical reference content is
other information
Financial statements and
generally on a title-by-title and product-by-product basis,
typically with learned society publishers and professional
information providers, such as Springer Nature, Clarivate and
Wolters Kluwer. Decision tools face similar competition, plus
software companies and customer home-grown solutions.
18 RELX Annual Report 2022 | Market segments

2022 financial performance

2021 2022 Change Portfolio Currency

£m £m underlying changes effects Change
Revenue 2,649 2,909 +4% 0% +6% +10%
Adjusted operating profit 1,001 1,100 +5% -1% +6% +10%

Further development of analytics continuing to drive In Primary Research academic & government segments, which
improved underlying revenue growth also represent around 45% of divisional revenue, growth was
Underlying revenue growth improved to +4%, driven by further driven by higher volumes of articles submitted and published,
evolution of the business mix, with the higher growth segments with pay-to-publish open access articles growing particularly
representing an increasing proportion of divisional revenue, strongly, and by increasingly sophisticated analytics and
and electronic formats now representing around 90% of evolving technology platforms.
overall revenue.
2023 outlook
Underlying adjusted operating profit growth was +5%, slightly We expect underlying revenue growth to remain above
ahead of underlying revenue growth, leading to unchanged historical trends, with underlying adjusted operating profit
margins after minor dilution from recent acquisitions and growth slightly exceeding underlying revenue growth.
small negative currency movements.
Databases, Tools & Electronic Reference, and corporate
Primary Research, which together represent around 45% of
divisional revenue, delivered strong growth across research,
clinical, and commercial markets, driven by content
development and high value analytics and decision tools.

Revenue Adjusted operating profit

£2,909m £1,100m

Underlying growth +4% Underlying growth +5%

2,909 1,100
2,649 1,001

2021 2022 2021 2022

Revenue by format Revenue by geographical market Revenue by type

£2,909m £2,909m £2,909m
Print
11% Rest of
Transactional
world
26%
31% North
America
48%

Subscription
74%
Electronic Europe
89% 21%
RELX Annual Report 2022 | Scientific, Technical & Medical 19

Overview
ELSEVIER
CASE STUDY How Elsevier adds value to science
and researchers’ careers through
the publication process

Getting published in a scientific journal is never easy. But it’s

worth it: the rigours of the review process lead to stronger
science; the journal’s dissemination ensures the findings
reach the relevant audience; researchers’ networks are
strengthened; collaborations develop across geographies,

Market segments
sectors and disciplines; and further funding can be secured.
The research community visits ScienceDirect
Professor Robert Aldridge, professor of public health data
science at the Institute of Health Informatics at University College 1.3bn times each year, performs 600K searches
London, recalls the bracing process involved in publishing a per day on ScienceDirect and accesses 1.8bn
paper in The Lancet, the number one journal globally in the articles across our journal platforms
general and internal medicine category, measured by citations:
“I remember going into the office and meeting with Richard
“I’m a postdoc and I think all postdocs have the same feeling:
Horton, editor-in-chief, and the peer reviewers for one paper.
we are under extreme pressure because we want to prove that we
It was brutal. They tore it to bits! We left the meeting feeling
are worthy as independent scientists,” says Liudmila Andreeva,
despondent, but ultimately it really improved it and made it a lot
a structural immunologist and biochemist who published a paper
better. There’s no doubt it pushed us and got us thinking about
in Cell. "Because my paper was published in Cell, my network just
the topic in a different way.”

Researchers want to ensure their findings reach the right
audience and the decision-makers with power to change or
influence policy. Professor Aldridge’s past work on tuberculosis
and migration, published in The Lancet, had significant policy
implications on the issue of screening migrants arriving in
high-income countries from poor nations. Aldridge believes
The Lancet’s reach and reputation helped support the
dissemination and uptake of his findings.
In the competitive world of academia, publishing in an
Elsevier journal also helps career researchers build networks.
Corporate Responsibility
boomed, everybody saw my name and everybody saw my work.
That was very rewarding."
Elsevier journals also connect geographically disparate experts.
Networks and collaborations are key in research, with papers
frequently including multiple authors and institutions. Professor
Kei Sato, professor at the Institute of Medical Science in the
University of Tokyo, published ground-breaking research in Cell
Host & Microbe, sister journal of Cell, on how mutations in viral
genes influenced infectivity and immunity. Those papers helped
him to secure a $1m grant from the Japan Agency for Medical
Research and Development.

ƒ We help ensure quality research accelerates progress for
society by organising the review, editing and dissemination
of around 18% of the world’s scientific articles
ƒ Elsevier’s over 2,800 journals published more than 600,000
articles in 2022, from almost 2.7m submitted
ƒ 224 of 225 science and economics Nobel Prize winners since
2000 have published in an Elsevier journal
ƒ ScienceDirect, the world’s largest platform dedicated to peer-
reviewed primary scientific and medical research, hosts over
Financial review
ƒ Scopus is an expertly curated abstract and citation database
with content from over 27,000 journals from more than
7,000 publishers to help researchers track and discover
global knowledge in all fields
ƒ ClinicalKey, the flagship clinical reference platform, is used
by doctors, nurses, medical students and educators at over
5,000 institutions in over 90 countries and territories
ƒ Reaxys, Elsevier’s chemistry research platform, utilises data
on 260m substances, 61m reactions, with 103m documents

20m pieces of content from over 4,600 journals and over 45,000
e-books, and has over 18m monthly unique visitors. Its Ahref
ranking places it as one of the Top 200 platforms on the internet
ƒ SciVal is a web-based analytics solution that provides insights
into the research performance of over 22,000 academic,
industry and government research institutions
Governance
and 37m patents
ƒ Sherpath, an adaptive teaching and learning solution,
provides personalised learning paths at over 600 institutions,
supporting more than 200,000 course enrolments

The world’s largest platform dedicated Clinical knowledge solution helping healthcare
other information
Financial statements and

to peer-reviewed primary scientific and professionals and students find the most clinically
medical research relevant answers through a wide breadth and
depth of trusted content across specialties

An innovative and comprehensive chemistry The world’s most advanced 3D anatomy

research information system that supports
chemists and data scientists across the chemicals,
pharmaceutical and academic segments by
For more information providing access to chemistry and bioactivity data
visit relx.com from journal literature and patents
platform, Complete Anatomy is revolutionising
how students, educators, health professionals
and patients understand and interact with
anatomy and in 2022 introduced the first full
female anatomical model
20 RELX Annual Report 2022 | Market segments
Legal
We help lawyers win cases, manage their work more efficiently, serve their
clients better, and grow their practices. We assist corporations in better
understanding their markets and monitoring relevant news. We partner with
leading global associations and customers to help advance the Rule of Law
across the world.
Business overview
Legal provides legal, regulatory, and business information and
analytics that help customers increase their productivity, improve
decision-making, and achieve better outcomes.
LexisNexis Legal & Professional is headquartered in New York
and has further principal operations in Dayton, Raleigh, and
Toronto in North America, London and Paris in Europe, and cities
in several other countries in Africa and Asia Pacific. It has 11,300
employees worldwide and serves customers in over
150 countries.
Revenues for the year ended 31 December 2022 were £1,782m,
compared with £1,587m in 2021 and £1,639m in 2020. In 2022,
68% of revenue came from North America, 20% from Europe,
and the remaining 12% from the rest of the world. Subscription
represented 77% of revenue and transactional revenues
represented 23%.
LexisNexis Legal & Professional is organised in market-facing
groups, focused on law firms & corporate legal, government &
academic, and news & business markets. Services are delivered
primarily in electronic format, with print formats available where
there is customer demand. Content and tools are tailored to the
specific geographic markets served, supported by global shared
services organisations providing platform and product
development, operational and distribution services, and other
support functions.
Law Firms & Corporate Legal, representing over 60% of
revenue, provides legal professionals across law firms and
corporate legal departments with electronic reference, decision
tools, and analytics to help make better informed decisions in
the practice of law.
Standard products for legal research and analytics include
Lexis and Lexis+, which provide statutes and case law with
analysis and expert commentaries from secondary sources,
such as Matthew Bender. Lexis and Lexis+ include the leading
citation service, Shepard’s, which advises on the continuing
relevance of case law precedents.
Lexis+ was introduced in the US in 2020 and is a premium solution
that integrates previously standalone products including
research, guidance, news, analytics, and brief analysis while
delivering a step-change in visual design. In 2022, LexisNexis
further enhanced Lexis+ US, adding over 3m trial orders and
briefs, pleadings, and motions and launching Fact & Issue Finder,
which uses state-of-the-art technology to help litigators find
materials with speed and precision.
In 2022, LexisNexis launched Lexis+ in the UK and Canada.
Lexis+ UK offers over 250 leading practitioner texts, and unique
content such as Halsbury’s Law of England and Stair Memorial
Encyclopaedia, in addition to over 630,000 cases, with LexisNexis
being the only provider to carry The ICLR Official Law Reports,
The ICLR Weekly Law Reports and The All England Law Reports.
Lexis+ Canada offers the most complete collection of legal
information including legal research, practical guidance,
analytical tools, brief analysis, and bill tracking capabilities.
In 2022, LexisNexis continued to broaden the reach of its decision
tools and analytics. Lex Machina launched Appellate Analytics,
which provides analytics on the federal courts of appeals and adds
over 400,000 circuit court cases from all 13 federal circuits.
Intelligize launched Accounting Analytics, which enables users to
research the latest disclosure trends and surface peer language
as new topics and emerging standards are disclosed. LexisNexis
also launched its API Developer Portal, enabling customers to
connect LexisNexis data to local workflow activities.
LexisNexis also continued to expand legal news coverage with
Law360 in 2022, with deeper reporting across the US, Canada,
and UK including the launch of Real Estate Authority. It also
enhanced legal technology coverage with Pulse Legal Tech
and benchmarking with sector rankings such as Law360’s
Pulse Leaderboard.
LexisNexis continued to enrich core solutions across global
segments in 2022. In the UK, TolleyLibrary and TolleyGuidance
products in Tax were enhanced with new workflow features.
In France, LexisNexis expanded offerings in Lexis 360 Intelligence,
the integrated legal research, guidance, and analytics solution
launched in 2021, including an innovative partnership with French
fintech Harvest.
LexisNexis continued to enhance offerings in Practical Guidance,
the company’s ‘how to’ service (previously Lexis Practical
Advisor) that provides guidance on litigation and transactional
legal topics. Practical Guidance further expanded Market
Standards benchmarking and launched new Workflow
Extensions, including Automated Forms, and a Video Center
which offers a new format for guidance.
LexisNexis continued to develop Knowable, a Machine
Learning-enabled enterprise contracts intelligence platform.
Knowable’s legal text to data conversion processes are used
to create structured data, powering solutions such as Market
Standards. In the Intellectual Property (IP) analytics space,
LexisNexis acquired IPlytics, a leading IP market intelligence tool
that allows companies to understand the patent landscape around
modern technologies like WiFi, 5G, and USB that are driven by
Standard Essential Patents (SEPs).
LexisNexis expanded offerings in LexisNexis Regulatory
Compliance in 2022, with new modules including Sanctions and
Retail Banking in the US and Retail Energy in the Pacific. In China,
LexisNexis launched Compliance Intelligence, with analytics and
visualisations that support risk assessments.
RELX Annual Report 2022 | Legal
In 2022, LexisNexis also launched Lexis Create across the UK and
Australia. Lexis Create is a Microsoft Word based tool that helps
lawyers draft efficiently, with the ability to snip and insert clauses,
proofread legal documents, and redact sensitive data. LexisNexis
also launched Lexis Clause Intelligence, an AI-enabled tool that
recommends relevant clauses and can be used in Lexis Create,
in the UK and Asia Pacific.
LexisNexis also supplies Legal Business Solutions such as legal
spend management, matter management, and client engagement
software. In 2022, LexisNexis acquired Parley Pro, a top contract
life cycle management solution, to complement CounselLink,
LexisNexis’ enterprise legal management platform.
Supporting its Rule of Law mission, LexisNexis volunteers, in
partnership with the Ukrainian National Bar Association and the
LexisNexis Rule of Law Foundation, built a new Legal Aid Portal,
which enables law firms and companies around the world to offer
jobs and legal assistance to Ukrainian lawyers and their families
at no cost.
LexisNexis also introduced the US Voting Laws & Legislation
Center, which provides free access to a comprehensive collection
of existing and proposed state and federal voting laws, using data
from LexisNexis State Net and codes from Lexis+. The Voting Laws
Center gives legal professionals, non-profit organisations, and
the public timely data on voting and election laws and supports
the Rule of Law mission through transparency of law.
Government & Academic, representing around 20% of
revenue, serves customers across government organisations
and law schools.
LexisNexis legal research and analytics tools empower legal
professionals across major US federal agencies and state and
local government in upholding the rule of law. Products such as
Lexis+ and Practical Guidance enable efficient research, while
CaseMap helps manage and collaborate on legal cases.
LexisNexis Reed Tech also provides patent data and document
management services to the US Patent and Trademark Office,
with over 50 years of partnership.
LexisNexis actively engages with law school users, reaching
faculty and students across about 200 law schools in 2022.
Initiatives include product training, law course integrations,
and support in legal employment preparation. Through these
activities, LexisNexis helps students build search dexterity and
use leading legal analytics tools to tackle complex research,
deliver quality drafts, and track key issues in the practice of law.
News & Business, representing just under 10% of revenue,
provides customers across industries with news and business
information and insights, including company information and
US Public Records.
The flagship product is Nexis, which provides an easy way to
search across a deep corpus of content of over 36,000 licensed
sources, including a 45-year news archive across 45 different
languages. Other core products include Nexis Newsdesk, an
analytics-driven solution for media monitoring, and Nexis
Diligence, an all-in-one diligence solution for risk assessments
across use cases.
In 2022, Nexis Diligence launched ESG ratings to support customers’
evolving diligence needs, tracking over 31,000 companies across
North America, Europe, and Asia. Nexis also launched a new
Donor Profile feature in Nexis for Development Professionals
(NDP), which provides a singular view across key donor data,
such as demographics, donation history, and contact connections.
Print, representing about 10% of revenue, provides traditional
print materials as well as e-books with case law, statutes, and
other primary law sources that include leading brands such as
Matthew Bender, Mealey’s, Michie, LexisNexis A.S. Pratt and
LexisNexis Sheshunoff.
21
LexisNexis provides practice area and jurisdiction specific
Overview
analytical treatises and practice guides, and publishes practice
area focused newsletters with insight into key legal issues. Expert
authors maintain our collection of treatises, forms, and automated
templates that drive efficiency and accuracy for customers.
In 2022, LexisNexis continued to provide print formats to customers
while supporting transitions to digital books, particularly through
the Digital Library Platform which provides access to virtually all
LexisNexis print titles. LexisNexis also began cloud migration of
products to a solution hosted on the Lexis+ service.
Market opportunities
Market segments
Longer term growth in legal and regulatory markets worldwide is
driven by increasing levels of legislation, regulation, regulatory
complexity and litigation, and an increasing number of lawyers.
Additional market opportunities are presented by the increasing
demand for online information solutions, legal analytics, and other
solutions, along with decision support solutions that improve the
quality and productivity of research, deliver better legal outcomes,
and improve business performance. Notwithstanding this, legal
activity and legal information markets are also influenced by
economic conditions and corporate activity.
Strategic priorities
Corporate Responsibility
LexisNexis Legal & Professional’s strategic goal is to enable
better legal outcomes and be the leading provider of workflow
and productivity enhancing information, analytics, and
information-based decision tools in its market. To achieve this,
LexisNexis is focused on introducing next-generation products
and solutions on the global New Lexis platform and infrastructure;
incorporating advanced technologies including Machine
Learning and Natural Language Processing; driving long-term
international growth; and upgrading operational infrastructure,
improving process efficiency, and gradually improving margins.
Across segments, LexisNexis is focused on the ongoing
Financial review
development of advanced legal research and practice solutions
that help lawyers make data-driven decisions with greater
accuracy and efficiency. Global functions and presence enable
LexisNexis to effectively launch and scale products such as Lexis+
across segments, leveraging shared assets from product design
to back-end functionality.
LexisNexis is also continuing its mission to advance the Rule of
Law around the world through the efforts of the LexisNexis Rule
of Law Foundation, a non-profit entity, which conducts projects
globally to promote transparency of the law, access to legal remedy,
equal treatment under the law, and independent judiciaries.
Governance
Business model, distribution channels and competition
LexisNexis Legal & Professional products and services are
generally sold directly to law firms and to corporate, government
and academic customers on a paid subscription basis, with
subscriptions often under multi-year contracts.
Principal competitors for LexisNexis in US legal markets are
Westlaw (Thomson Reuters), CCH (Wolters Kluwer), and
Bloomberg. In news and business information, key competitors
are Bloomberg, Factiva (News Corporation) and Reuters News
(Thomson Reuters).
other information
Financial statements and
Significant international competitors include Thomson Reuters,
Wolters Kluwer and Factiva.
22 RELX Annual Report 2022 | Market segments

2022 financial performance

2021 2022 Change Portfolio Currency

£m £m underlying changes effects Change
Revenue 1,587 1,782 +5% 0% +7% +12%
Adjusted operating profit 326 372 +8% -2% +8% +14%

Further improvement in underlying revenue growth Government & Academic, which accounts for around
driven by legal analytics 20% of divisional revenue, and News & Business, just under
Underlying revenue growth improved to +5%, driven by the 10% of divisional revenue, both delivered good growth.
continuing shift in business mix as legal analytics drives higher
Renewals remain strong and new sales continue to show
growth in electronic revenue, which now represents almost
positive momentum across all key segments.
90% of the divisional total.
2023 outlook
Underlying adjusted operating profit growth of +8% was
We expect underlying revenue growth to remain above
ahead of underlying revenue growth, driving a 40 basis point
historical trends, with underlying adjusted operating profit
improvement in adjusted operating margin after minor dilution
growth continuing to exceed underlying revenue growth.
from portfolio changes was partly offset by small positive
currency movements.
Law firms & corporate legal markets, which accounts for over
60% of divisional revenue, saw strong growth as we continued
to roll out enhancements in the functionality of our integrated
research products and market leading analytics, supported by
broader datasets and the application of machine learning and
natural language processing technologies. Lexis+ continues
to perform well, with increasing adoption and usage from
customers across market segments.

Revenue Adjusted operating profit

£1,782m £372m

Underlying growth +5% Underlying growth +8%

1,782 372
1,587 326

2021 2022 2021 2022

Revenue by format Revenue by geographical market Revenue by type

£1,782m £1,782m £1,782m
Print Rest of world
11% 12% Transactional
23%

Europe
20%

North
America Subscription
Electronic 77%
89% 68%
RELX Annual Report 2022 | Legal
LexisNexis LEGISLATIVE TRACKING API
CASE STUDY Ballard Spahr saves more than
$350,000 annually with Legislative
Tracking Application Programming
Interface (API) from LexisNexis
To create long lasting client relationships, responsiveness
counts. With more than 650 attorneys in 15 offices, Ballard
Spahr, a US national law firm, responds wherever and
whenever clients need them. Ballard Spahr devises
forward-thinking solutions for the best client results.
Clients receive top-tier, data-driven business solutions through
the Client Value and Innovation (CVI) team Ballard Spahr formed
in 2018. Described as a “client experience innovator” and a “law
firm technology leader,” the CVI team is widely considered one
of the nation’s best.
At the beginning of the pandemic, there were executive orders
and bills coming from every state that directly affected clients’
business operations. Ballard’s CVI team wanted to find a way
to automate Covid legislative developments in real time.
Once a template was created to track Covid-19 updates, Ballard
leveraged its technology along with the LexisNexis State Net
API, which helps law firms stay on top of legislative tracking and
regulatory compliance at the local, state and federal levels.
The team developed legislation trackers covering cannabis,
labour and employment, and consumer finance.
Consumer financial services is an extremely volume heavy
practice. Managing this large amount of information manually
was nearly impossible for the firm. LexisNexis helped
Ballard Spahr take its data to the next level to make
actionable recommendations for its clients.
ƒ LexisNexis hosts over 144bn legal and news documents
and records
ƒ On average, 1.2m new legal documents are added daily from
over 72,000 sources, generating over 146bn connections
with over 27m legal documents processed per day
ƒ Nexis news and business content includes over 39,000
premium sources in 45 languages, covering over 180
countries. It includes over 503m company profiles with
a content archive that dates back 45 years
ƒ PatentSight includes ratings on the innovative strength
of over 144m patent documents from over 100 countries
Provides integrated research, practical
guidance, and data-driven insights via
one premium legal solution
Comprehensive online legal research
tool that transforms the way legal
For more information professionals conduct research
visit relx.com
23
Overview
Market segments
$350k
annual saving from utilising Legislative
Tracking API
Corporate Responsibility
The CVI team built a Consumer Financial Services (CFS)
Tracker utilising an API to pull in regulatory information from
LexisNexis State Net. Working with the State Net API and the
tagging service Ballard deployed, Ballard provided custom
solutions and tangible value to its clients.
The Consumer Financial Services Tracker initiative has been
yielding great results for Ballard Spahr and its clients. Clients
are impressed with the trackers and overall feedback has
been positive. By automating the tracking and tagging of key
regulatory content, Ballard Spahr was able to replace a
manual process that did not yield the best results. The efforts
of the CVI team were able to save the firm more than
Financial review
$350,000 annually.
ƒ LexisNexis content includes more than 293m court
dockets and documents, over 159m patent documents,
4.25m State Trial Orders, and 1.45m jury verdict and
settlement documents
ƒ In 2022, Law360 produced over 55,000 news and analysis
articles
ƒ Lex Machina has normalised over 102m counsel mentions
Governance
and over 54m party mentions since 2016
ƒ LexisNexis is committed to advancing the Rule of Law
through operations and solutions that provide transparency
into the law in over 150 countries
other information
Financial statements and
Provides guidance on litigation and
transactional legal topics with Market
Standards benchmarking
Litigation solution providing legal
language analytics on judges and
expert witnesses
24 RELX Annual Report 2022 | Market segments
Exhibitions
Our business leverages industry expertise, large data sets and technology to
enable our customers to build their businesses by connecting face-to-face and
digitally. This enables innovation and generates billions of dollars of revenues
for the economic development of local markets and national economies
around the world.
Business overview
Exhibitions (RX) combines industry expertise with data and digital
tools to help customers connect digitally and face-to-face, learn
about markets, source products and complete transactions.
RX has its headquarters in London and has further principal
offices in Paris, Vienna, Düsseldorf, Norwalk (Connecticut),
Mexico City, São Paulo, Beijing, Shanghai, Tokyo, Singapore and
Sydney. RX has 3,300 employees worldwide and its portfolio of
events serves 42 industry sectors.
Revenues for the year ended 31 December 2022 were £953m
compared with £534m in 2021 and £362m in 2020. In 2022, 19%
of RX’s revenue came from North America, 47% from Europe
and the remaining 34% from the rest of the world on an event
location basis.
Over 4.1m participants welcomed the opportunity to build their
businesses at our face-to-face events with few remaining
restrictions or reservations. RX ran 254 face-to-face events
in 22 countries, up from 215 events* in 2021. 2022 was a year
of recovery, with the revenue performance of events relative
to pre-Covid equivalents improving through the year, and a
number of events such as JCK, Infosecurity Europe and
Cannes Yachting Festival trading above pre-pandemic levels.
By the end of the year, RX was operating without disruption in
almost all geographies.
RX continued to grow the number of digital products and their
usage by customers in 2022. As face-to-face revenues recovered,
digital products grew strongly in 2022 with electronic accounting
for 7% of revenue.
RX organises influential events in key markets focused on
addressing the needs of the industry, where participants from
around the world meet face-to-face to do business, to network
and to learn. Its events encompass a wide range of sectors.
They include construction, cosmetics, electronics, energy and
alternative energy, engineering, entertainment, gifts and
jewellery, healthcare, hospitality, interior design, logistics,
manufacturing, media, pharmaceuticals, real estate,
recreation, security and safety, transport and travel.
* excluding around 50 subsidiary events now counted as part of larger events
RX makes selective acquisitions to enter or increase presence
in attractive sectors with high growth potential. RX acquired
Big Data London to access the high growth market in data and
analytics, and secured the rights to produce the E3 show,
strengthening its position in the attractive gaming and
interactive entertainment market.
Similarly RX made selective launches to enter new attractive
sectors (e.g. Femtech, Tokyo) or extend successful value
propositions into new markets (such as Interphex into Korea)
or additional calendar slots (such as Nepcon and Admin,
HR & Accounting Week into the Autumn).
Market opportunities
RX is well positioned for growth in face-to-face events. This
will occur in parallel with an increased use of, and revenue
from, digital tools and platforms, both standalone and as part of
multi-channel events. These events combined with digital tools
and platforms are a key lever for RX customers’ businesses and
national economies to expand.
Growth in the exhibitions market is influenced both by
business-to-business marketing spend and by business
investment. Historically, these have been driven by levels of
corporate profitability, which in turn has followed overall growth
in gross domestic product. Emerging markets and higher growth
sectors provide additional opportunities. RX’s broad geographical
footprint and sector coverage allows it to respond effectively to
changes in global trade and capture growth opportunities as
they emerge.
As some events are held other than annually, growth in any one
year is affected by the cycle of non-annual exhibitions. This cycle
has been disrupted, but a new one is being established with fewer
events postponed or changing dates.
Strategic priorities
RX’s long-term strategic goal is to enable industry communities
to conduct business, network and learn through a range of
market-leading events and digital tools and platforms in all major
geographic markets and higher growth sectors. This allows
exhibitors to target and reach new customers quickly and cost
effectively, under one roof and with an integrated set of digital
tools, resulting in measurably higher value and improved
outcomes for its customers.
RELX Annual Report 2022 | Exhibitions 25

Organic growth will be achieved by continuing to generate Business model, distribution channels and competition

greater customer value by combining the best of face-to-face
events with data and digital tools and platforms. RX will continue
to seek organic growth through launches that are tightly focused
on industries and geographies that are best placed for long
term growth.
RX focuses on three main areas that position it for long-term
success.
ƒDigital initiatives: digital tools and platforms have been widely
deployed and enhanced to increase the value from restarted
face-to-face events
Overview
Over 70% of RX’s revenue is derived from exhibitor fees, with the
balance primarily consisting of admission charges, conference
fees, sponsorship fees and online and offline advertising.
Exhibition space is sold directly or through local agents where
applicable. RX often works in collaboration with trade
associations, which use the events to promote access for
members to domestic and export markets, and with governments,
for which events can provide important support to stimulate
foreign investment and promote regional and national economic
activity. Increasingly, RX is offering visitors and exhibitors the
opportunity to interact before and after the show using digital

ƒOperational efficiency: a leaner and more nimble structure is
in place, better able to respond to changing circumstances and
customer needs. This new structure, RX’s global technology
platforms and more specialist functions allow RX to accelerate
revenue growth, while controlling costs and embedding
sustainability throughout the organisation. It also enables a
faster and more agile deployment of digital products, new
events and process innovation
ƒPortfolio optimisation: RX actively continues to shape its
portfolio through a combination of new launches, strategic
partnerships and selective acquisitions in faster growing
Market segments
tools and platforms such as online directories, matchmaking
and mobile apps.
RX is one of the largest global event organisers in a fragmented
industry, holding a global market share of less than 10%. Other
international exhibition organisers include Informa, Clarion and
some of the larger German Messen, including Messe Frankfurt,
Messe Düsseldorf and Messe Munich. Competition also comes
from industry trade associations and convention centre and
exhibition hall owners.

Corporate Responsibility
sectors and geographies
RX is committed to continuously improving customer solutions
and experience by developing global technology platforms
based on industry databases, digital tools and data analytics.
By providing a variety of services, including its integrated web
platform, the company continues to increase customer value
and satisfaction by proactively putting the right buyers and sellers
together on the event floor. Increasingly, digital and multi-channel
services such as active matchmaking are becoming a normal
part of the customer expectation and product offering,
enhancing the value delivered through attendance at the event.

Financial review
Using customer insights, RX has developed an innovative product
offering that underpins the value proposition for exhibitors by
broadening their options in terms of the type and location of
stand they take and the channels through which they can
address potential buyers.
RX’s digital tools and platforms are being enhanced by a new data
lake that integrates internal data with external sources to provide
better insights for its customers.

Governance
other information
Financial statements and
26 RELX Annual Report 2022 | Market segments

2022 financial performance

2021 2022 Change Portfolio Currency

£m £m underlying changes effects Change
Revenue 534 953 +64% +12%* +2% +78%
Adjusted operating profit 10 162 nm nm nm nm
nm - not meaningful
* includes cycling effects of +14%

Strong revenue growth and a recovery in profitability 2023 outlook

Revenue growth was driven by a significant increase in We expect a year of strong underlying revenue growth.
face-to-face activity as exhibition venues reopened across The operating result will continue to benefit from the
most geographies. structurally lower cost base, with margins expected
to be close to pre-pandemic levels.
During the year, we continued to manage our event schedule
flexibly, responding to changes in local government policies.
By the end of the year we were operating without material
disruption in most geographies. We made good progress
on digital initiatives, with a growing range of digital tools
supporting our physical events.
The improvement in profitability reflects the increased activity
levels and a lower cost structure in a streamlined portfolio.

Revenue Adjusted operating profit

£953m £162m

Underlying growth +64% Underlying growth nm

953 162

534

10

2021 2022 2021 2022

nm – not meaningful

Revenue by format Revenue by geographical market Events revenue by source

£953m Electronic £953m North £953m
7% America
19%
Admissions Exhibitor
and other fees
Rest of
29% 71%
world
34%

Europe
Face-to-face 47%
93%
RELX Annual Report 2022 | Exhibitions 27

CASE STUDY

Overview
EUROBLECH
Great success in challenging
market conditions

Bystronic is a global leader in sheet metal processing

technology, specialising in the automation of the entire
cutting and bending process chain. Based in Switzerland,
the company is represented in 40 countries and listed on the
SIX Swiss Exchange (SIX: BYS).
Bystronic has exhibited at EuroBLECH every year since

Market segments
1984, regarding it as an important showcase for innovation,
demonstration and international sales. Held in Hanover, Germany,
EuroBLECH is the world’s largest international event for the
sheet metal processing industry. Following the postponement
+3,800
of the 2020 edition due to Covid, the global industry came More than 3,800 people experienced the
together for the first time in four years at EuroBLECH 2022 4D journey of the Bystronic vision and efforts
(25-28 October) to discover the latest developments in software, of a sustainable sheet metal industry in the
automation and sustainable solutions. ‘Flying Theatre’
Bystronic took the opportunity to present its new sheet metal
processing software, smarter and more powerful laser cutting
Compared to the last EuroBLECH in 2018, interest in Bystronic
systems, two new mobile pressbrakes, and a consistent focus on
proved to be robust and stable. Feedback from customers

sustainability along the entire cutting and bending process chain.
Among other highlights the company unveiled its first
sustainability report offering detailed insights into
environmental, social and governance activities with a strong
focus on driving the decarbonisation of the sheet metal industry.
It drew large crowds to its ‘Flying Theatre’, an immersive
cinema experience that showcases Bystronic’s vision to position
sheet metal as a material of the future through digitalisation
and sustainability. And it was delighted to win the EuroBLECH
Award in the Automation & Handling category.
Corporate Responsibility
showed a strong interest in software and automation solutions,
as well as in Bystronic’s sustainability efforts. By equipping its
systems with features and energy-saving components,
Bystronic is helping its customers to make their production
even more efficient and therefore more sustainable.
Attendees and exhibitors were excited to meet in person again
and to take the pulse of the global industry after a challenging
few years. The total number of visitors was 38,076, of which
44.5% came with the intention to invest. Despite the difficult and
uncertain economic and geopolitical environment, the majority
of attendees were positive about new investments, albeit with

Financial review
greater caution.

ƒIn 2022 RX ran 254 face-to-face events in 22 countries,
up from 215 events* in 2021
ƒThese RX events helped participants build their businesses
by finding new products, suppliers and customers, learning
about their industry’s innovations and networking effectively
ƒRX’s face-to-face events and brands all have digital and data
tools and platforms to extend the reach of the event beyond
the exhibition hall and increase the value of participating
ƒ42 industry sectors are served in 22 countries across
the globe

* excluding around 50 subsidiary events now counted as part of larger events

Governance

Location: France Location: UK Location: US Location: Italy

The world’s property Premier global event The North American International exhibition for
For more information market for the travel industry jewellery industry’s companies in the industry
visit relx.com premier event of HVAC+R, renewable
energy and energy efficiency
other information
Financial statements and

Location: France Location: China Location: US Location: Germany Location: Japan

International exhibition for One of the largest The East Coast’s International trade Japan’s one-stop shop for
personal care ingredients business gifts & home largest pop culture show for fitness, office related products
fairs in China convention wellness & health and services

PARIS EXPO
PORTE DE
VERSAILLES
03 06 OCT

Location: France Location: UAE Location: Thailand Location: US Location: Japan

International trade fair for The Middle East’s meeting Machine tools and International Security One of the largest & longest
the building industry place for the travel trade metalworking exhibition Conference & Exhibition standing electronics
serving ASEAN manufacturing trade shows
28 RELX Annual Report 2022

Corporate
responsibility
In this section
28 Introduction
35 Our unique contributions
40 CR governance
44 People
50 Customers
55 Community
59 Supply chain
63 Environment
73 CR disclosure standards

Contact details
Your views are important to us.
Please send your comments to:
corporate.responsibility@relx.com

Or write to:
Dr Márcia Balisciano
Global Head of ESG and Corporate Responsibility
RELX
1–3 Strand
London
WC2N 5JR
United Kingdom

For more information, visit:

www.relx.com/corporateresponsibility
This report contains the RELX PLC Non-Financial
Information Statement for the purposes of
Section 414CB of the Companies Act 2006.
RELX Annual Report 2022
Our approach to corporate responsibility
CR and risk
In this report we outline our principal risks, which map to our
CR priorities, including meeting customer needs, attracting
and retaining the right people, maintaining an ethical supply
chain and managing climate risks as presented in our
Taskforce for Climate-related Financial Disclosure (see
CR Disclosure Standards 1). We also indicate our alignment
with the Sustainability and Accounting Standards Board
(see CR Disclosure Standards 2).
We review the implications of our identified risks to ensure
appropriate mitigation. For example, one strategic risk is
customer acceptance of our products and services; we must
therefore make certain they are reliable and high quality,
responding to the views expressed through customer
feedback programmes, including Net Promoter Score, and
access initiatives to ensure those who might benefit from our
products and services can do so. In this way, we minimise
risk of financial loss and damage to our corporate reputation.
Corporate responsibility (CR) and environmental, social and
governance (ESG) performance begins with the purpose of
the company.
RELX is a global provider of information-based analytics and
decision tools for professional and business customers,
enabling them to make better decisions, get better results and
be more productive.
Our purpose is to benefit society by developing products that help
researchers advance scientific knowledge; doctors and nurses
improve the lives of patients; lawyers promote the rule of law and
achieve justice and fair results for their clients; businesses and
governments prevent fraud; consumers access financial services
and get fair prices; and customers learn about markets and
complete transactions.
Our purpose guides our actions beyond the products that we
develop. It defines us as a company. Every day across RELX our
employees are inspired to undertake initiatives that make unique
contributions to society and the communities in which we operate.
To be a leading company requires acting with CR; that is, with the
highest ethical standards, while channelling our strengths to make
a positive difference for society. To us, CR is not a programme or
29
Overview
Our focus on corporate responsibility and
ESG performance underpins the long-term
Market segments
financial health of our business and
helps us meet the expectations of all
our stakeholders.
Dr Márcia Balisciano
Global Head of ESG and Corporate Responsibility, RELX
prescriptive set of activities, it is how we do what we do on a daily
Corporate Responsibility
basis. It is the responsibility of everyone at RELX.
CR gives us long-term sustainable competitive advantage. It inspires
confidence in our stakeholders, and provides a ‘license to operate’
in the communities in which we live and work. It underpins our
business strategy to deliver improved outcomes for our customers
by combining content and data with analytics and technology across
global platforms and helps us build leading positions in our markets
by leveraging our skills and assets.
We align the objectives we set for our unique contributions, as
well as those for the significant areas that affect all companies –
governance, people, customers, community, supply chain and
Financial review
environment – with the United Nations Sustainable Development
Goals (SDGs) to support the achievement of these 17 global goals
by 2030.
We believe in timely, comprehensive reporting (see CR Disclosure
Standards 2 and 3 for how we align with key standards, including the
Sustainability Accounting Standards Board and the Global Reporting
Initiative). Key non-financial metrics for environment, people and
supply chain are assured by EY. Corporate Citizenship assure our
community disclosures against the Business for Societal Impact
(B4SI) Framework. Full assurance statements are available at
www.relx.com/additional-cr-resources . CR is an integral part of
Governance
the statements of the Chair, CEO and CFO (see pages 3, 4, and 82-87).
We pursue robust governance of CR and ESG issues for which the
CEO is directly responsible to the Board. The leaders of our four
businesses are held to account by the CEO, reinforced by objective
setting and monitoring by our CR Forum and the involvement of
over 3,500 colleagues in our internal CR networks (page 33).
Sustainable Development Goals (SDGs)
other information
Financial statements and
We’re committed to doing our part to advance these essential
objectives for the world. Throughout the Corporate
Responsibility section of this report, SDG icons highlight
the SDGs relevant to the content.
Visit the RELX SDG Resource Centre
www.sdgresources.relx.com
30 RELX Annual Report 2022 | Corporate responsibility

The Corporate Responsibility Report is an integral

part of our Annual Report and Financial Statements.
This section highlights performance against our 2022
corporate responsibility objectives.

Non-financial information statement Directors’ duties and Section 172 Statement

RELX is required to comply with the reporting requirements of The Directors of RELX PLC – and those of all UK companies –
Sections 414CA and 414CB of the Companies Act 2006, which must act in accordance with their duties under the Companies
relate to non-financial information. The list below outlines where Act 2006 (the Act). These include a fundamental duty to
this information can be found: promote the success of the Company for the benefit of its
members as a whole. The Board of RELX PLC, and its individual
Reporting requirement:
members, consider that they have done so for the year ending
Environmental matters 63-72, 73-78
31 December 2022.
Employees 44-49
Social matters 32-39 Details of how the Board and its Directors have fulfilled these
32-39, 44-49, duties can be found throughout this 2022 Report, and therefore
Human rights 59-62 the following sections have been incorporated by reference into
this Section 172 Statement and, where necessary, the RELX
Anti-corruption and anti-bribery matters 40-43, 59-62
2022 Strategic Report:
Policies, due diligence processes
and outcomes 40-43, 59-62 Business model and strategy 5-9
Description and management of principal and Corporate responsibility report 28-80
emerging risks and impact of business activity 88-95 Principal risks 88-95
Description of business model 5-9 Culture and workforce policies 104-106
Non-financial metrics 31 Board decision-making 106-108
Stakeholder engagement 109-112

Section 172 of the Act requires the Directors to have regard to,
among other matters, the interests of the Company’s
stakeholders in working to promote the success of the
company. The Board recognises the importance of building and
maintaining sound relationships with RELX’s key stakeholders
in order to achieve its business aims. Among the Group’s many
and varied stakeholders, the Board has identified investors,
employees, customers, suppliers and the communities in
which we operate, as the Company’s key stakeholders. Given
its size, diversity and global business, stakeholder engagement
takes place at all levels across the Group. To ensure adequate
visibility of key stakeholder views, the Board received a detailed
overview in the year covering engagement channels and
activities the Company has with each of its key stakeholders.
In 2022, the Board also continued to oversee our substantial
corporate responsibility activities, and maintained its focus
on RELX’s environmental, social and governance (ESG)
performance. The Board’s oversight on ESG matters is detailed
on page 107 as part of Board activities, and page 111 as part of the
Board’s engagement with the communities in which we operate.
RELX Annual Report 2022 | Introduction 31

2022 key corporate responsibility data

Overview
2018 2019 2020 2021 2022
Revenue (£m) 7,492 7,874 7,110 7,244 8,553
People
Number of full-time equivalent employees (year end) 32,100 33,200 33,200 33,500 35,700
Percentage of women employees (%)^ 51 50 50 50 50
Percentage of women managers (%)^ 42 42 42 44 44
Percentage of women senior leaders (%)1^ 28 30 28 30 31
Percentage of ethnic minority US/UK managers (%)^ 17 19 19
Percentage of ethnic minority US/UK senior leaders (%)1^ 9 10 12
Community 2

Market segments
Total cash and in-kind donations (products, services and time (£m)) 8.7 9.2 9.2 10.4 12.3
Market value of cash and in-kind donations (£m) 17.6 18.7 17.6 20.6 22.6
Percentage of staff volunteering (%)3 42 45 26 32 36
Total number of days volunteered in company time 11,720 12,127 6,821 10,362 12,830
Health and safety (lost time) 4
Incident rate (cases per 1,000 employees)^ 0.28 0.50 0.11 0.07 0.17
Frequency rate (cases per 200,000 hours worked)^ 0.03 0.06 0.01 0.01 0.02
Severity rate (lost days per 200,000 hours worked)^ 0.69 0.69 0.07 0.02 0.36
Number of lost time incidents (>1 day)^ 8 14 3 2 5
Socially Responsible Suppliers (SRS)

Corporate Responsibility
Number of key suppliers on SRS database5^ 348 354 412 359 724
Number of independent external audits^ 84 93 99 111 119
Percentage signing Supplier Code of Conduct (%)6^ 89 91 91 96 87
Environment 7
Total energy (MWh)^ 190,145 176,682 142,098 125,095 117,997
Renewable electricity purchased (MWh)8 ^ 125,707 135,710 120,710 105,793 98,013
Percentage of electricity from renewable sources (%)8^ 78 91 100 100 100
Waste sent to landfill (t)9^ 962 804 210 150 73
Percentage of waste diverted from landfill (%)9^ 83 81 91 93 97
Water usage (m3)^ 346,408 344,304 226,509 183,575 156,734
Climate change (tCO2e)7

Financial review
Scope 1 (direct) emissions^ 8,126 8,498 5,217 5,644 5,211
Scope 2 (location-based) emissions^ 75,194 69,616 53,740 44,051 37,270
Scope 2 (market-based) emissions^ 16,818 18,384 11,384 8,321 8,952
Scope 3 (business flights) UK BEIS methodology10^ 68,363 62,254 18,652 5,032 21,616
Scope 3 (business flights) Cirium methodology10 34,163 37,142 8,561 3,133 10,417
Scope 1 + Scope 2 (location-based) emissions^ 83,320 78,114 58,957 49,695 42,481
Scope 1 + Scope 2 (location-based) + Scope 3 (flights) emissions^ 151,683 140,368 77,610 54,727 64,097
Scope 1 + Scope 2 (market-based) + Scope 3 (flights) emissions^ 93,306 89,136 35,254 18,996 35,779
Paper
Production paper (t)^ 35,555 34,599 36,259 40,910 28,466

Governance
Sustainable content (%)11^ 90 96 92 98 99
1 We define senior leaders as colleagues with a management grade of 17 and above. People figures for 2020 and 2021 have been restated accordingly. Previously we defined
senior leaders as either a) colleagues with a management grade of 17 and above, based on our job architecture framework developed with external input and b) colleagues
with a management grade of 16 (and above) with a hierarchy of 4 (or 5 in some circumstances) reporting levels from the CEO.
2 Data reporting methodology assured by Business for Societal Impact (B4SI). Reporting period covers 12 months from December 2021 to November 2022.
See B4SI assurance statement at www.relx.com/additional-cr-resources.
3 All Group employees can take up to two days off per year, coordinated with line managers, to work on community projects that matter to them. Number of staff
volunteering reflects the number of staff using their two days, as well as those who participated in other Company-sponsored volunteer activities.
4 Accident reporting covers approximately 82% of global employees.
5 We continue to refine our supplier classification and hierarchy data, contributing to changes in the number of suppliers we track year-on-year.
6 Signatories to the RELX Supplier Code of Conduct include suppliers who have not signed the Supplier Code, but have equivalent codes. These suppliers are subject
to the same audit requirements as Supplier Code signatories.
7 We compensated for emissions in Scope 1, Scope 2 and Scope 3 (work-related flights, hotels, cloud computing, home-based working and commuting) by purchasing
offsets. Climate change and environmental data (carbon, energy, water, waste) covers the 12 months from December 2021 to November 2022. Previous years have
other information
Financial statements and

been restated to include the one RX managed event venue.

8 We purchase renewable electricity on green tariffs at locations in the UK and the Netherlands. US Green-e certified Renewable Energy Certificates (RECs) are applied
to electricity consumption in the US. US Green-e certified RECs are also purchased to equal 100% of the electricity consumption outside the US; we do not apply any
market-based emissions factors on this portion of electricity consumption.
9 Waste sent to/ diverted from landfill from reporting locations excluding estimates.
10 Covers all flights booked through our corporate travel partner. BEIS methodology uses the UK Government RF Conversion factors. Further details on the
Cirium methodology are available on page 9.
11 Percentage of paper in Book Chain Project graded 3 or 5 (known and responsible sources) or certified to FSC or PEFC.
^ Data assured by EY.

Reporting guidelines and methodology are available on www.relx.com/additional-cr-resources

32 RELX Annual Report 2022 | Corporate responsibility

Prioritising key issues

To understand which issues we should focus on, we consider our business priorities and engage regularly with stakeholders.
Examples of our stakeholder engagement can be found at www.relx.com/additional-cr-resources.
Every two years, we formally ask stakeholders to assess our impact areas. In 2021 CR consultancy, Carnstone, contacted over
270 stakeholders – including investors, employees and suppliers – to rank 14 issues we consider important to the business.
All 14 CR priorities were rated as either significant or very significant by 26% or more of respondents (as a minimum), indicating
that we are focusing on issues they believe are critical for us. Their ranking of our top priority issues are reflected in the table below.

Impact on society and the environment Impact on RELX

Ranking no. Priority issues: Priority issues:

1 RELX unique contributions to society Having the right people

2 Access to information Data privacy and security

3 Managing environmental impacts Responding to customer needs

4 Health, safety and well-being RELX unique contributions to society

5 Responding to customer needs Governance and ethical practice

6 Having the right people Health, safety and well-being

7 Promoting diversity Editorial standards

8 Governance and ethical practice Promoting diversity

9 Transparent, comprehensive reporting Access to information

10 Data privacy and security Transparent, comprehensive reporting

11 Editorial standards Managing environmental impacts

12 Sustainable supply chain Tax, pensions and investments

13 Supporting our communities Sustainable supply chain

14 Tax, pensions and investments Supporting our communities

#1
Unique contributions
#1
Having the right people
Ranked by stakeholders as our primary Ranked by stakeholders as the primary
impact on society and environment impact for RELX

Engagement
Employees are our primary internal stakeholders and we involve more than 3,500 colleagues across RELX in our CR networks,
who in turn reach more people across the Company. Examples of how we engage with our stakeholders are available at
www.relx.com/additional-cr-resources.
Our external stakeholders

Local Industry
Investors Government Customers NGOs Suppliers
communities networks
RELX Annual Report 2022 | Introduction 33

Our internal stakeholders

Overview
3,500
participants in CR networks
Socially
Responsible
Accessibility
Working
Group Mental Health
Supplier Group First Aiders

31
Disaster and
SDG Champions Emergency Relief

Market segments
Working Group
countries Rule of Law
Working Group Inclusion Council

RX Inclusion
Sustainability Working Group
Steering Group Examples of
RELX Cares our internal Carbon Fund
Governance Group
Champions stakeholders

Corporate Responsibility
Customer Quality Elsevier
Assurance Network Accessibility Guild

Modern Slavery Act Employee

Working Group Resource Groups

Green Teams Environmental

Champions
CR for Well-being
Customers Champions

Commitment to the United Nations Global Compact
The United Nations Global Compact (UNGC) links businesses
around the world with UN agencies, labour and civil society in
support of Ten Principles encompassing human rights, labour,
the environment and anti-corruption. Each year, we work to
further UNGC principles within RELX and in our supply chain.
In the year we demonstrated leadership as one of 850 early
adopters of the new Enhanced Communication on Progress,
among more than 18,000 signatories. We contributed to the
Financial review
The UNGC is a partner of the RELX SDG Resource Centre, which
features UNGC content. The UNGC UK Network was a partner on
the virtual RELX SDG Inspiration Day, which brought together over
400 representatives from business, the investor community,
academia, non-profit organisations and civil society to inspire
action and collaboration to advance the global goals.
For how we put the Ten Principles into practice over
the past year, see our Communication on Progress at
www.unglobalcompact.org/what-is-gc/participants/7909.

Governance
UNGC Expert Network and key SDG working groups on Modern
Slavery, Diversity, Equality and Inclusion and Transformational
Governance and shared our expertise as panelists at UNGC
events, including the 2022 UK Climate Action Summit. Our
Global Head of ESG and CR serves as the Chair of the UNGC
UK Network and on the Board of the Foundation for the Global
Compact, which provides financial, operational and
programmatic support to the UNGC.
other information
Financial statements and
34 RELX Annual Report 2022 | Corporate responsibility
2022 awards for excellence
Our employees, products and shows are regularly recognised for excellence. In 2022, for example:
Risk
LexisNexis Risk Solutions was
named Best Cybersecurity
Provider by Waters Rankings
for LexisNexis ThreatMetrix
Legal
LexisNexis Legal &
Professional’s Center for
Automation and Process
Excellence (CAPE) won
Best Digital Transformation
Project at the Global
OPEX Awards
2022 ESG recognition
MSCI ESG Ratings
• AAA rating
Dow Jones Sustainability
Index
Included in
• World
CDP
• Climate programme score: B
• Water programme score: B
LexisNexis Risk Solutions
was awarded Best Solution
Anti-fraud at the Regulation
Asia Awards for Excellence
2022
The CEO of LexisNexis Legal
& Professional South Africa,
Videsha Proothveerajh,
received the Woman in
Tech award at the 2022
Africa Tech Week Awards
Sustainalytics ESG Risk Rating
• Global universe: 11th out of
14,000+
• Sector (media): 1st out of 284
FTSE4Good Index
Included in:
• FTSE4Good Europe Index
• FTSE4Good UK Index
SOCOTEC ISO14001
• Group certification
Scientific, Technical & Medical
16
%
Elsevier’s Reaxys won Data
Engineering Excellence at
Analytics India Magazine’s Data
Science Excellence Awards
Exhibitions
RX won three awards for Best
Global Culture, Best
Marketing Team and Best
Leadership Team at the
Comparably Awards
S&P Global Sustainability
Yearbook
• Bronze class distinction
STOXX Global ESG
Leaders Indices
• Included
Workplace Pride Global
Benchmark
• Awarded Advocate status
Elsevier won the Customer
Centric Culture category at
the European Customer
Centricity Awards
RX won the Trade Show News
Network Comeback Award
for JCK, the world’s largest
jewelry trade show
Tortoise Responsibility100
Index
• 4th out of 100
ECPI Indices
• Included
Bloomberg’s Gender-Equality
Index
• Included
RELX Annual Report 2022
Our unique contributions
Our unique contributions are how we make a positive impact on society
in the conduct of our business.
Universal, sustainable access
to information
Advance of science and health
Protection of society
Promotion of the rule of
law & access to justice
Fostering communities
2022 PERFORMANCE
Meaningful support of SDG 10 by
expanding financial inclusion pilots in
low-income countries; use of products
and services to reduce online fraud and
identity theft
Financial inclusion is essential to the SDGs. With adequate
wages and access to appropriate financial tools, citizens are
lifted out of poverty, (SDG 1); avoid hunger (SDG 2); have better
health (SDG 3); are more likely to receive quality education
(SDG 4); and more women are likely to aid the financial
well-being of their communities (SDG 5), among other
SDG benefits.
However, according to Global Findex estimates, published
by the World Bank in 2021, 1.7bn adults in the world lack
an account with a financial institution or a mobile money
provider. A joint study by McKinsey and the IFC estimates
that micro and small enterprises face a $2tn credit gap,
Risk
LexisNexis Risk Solutions’ (LNRS) products and services align
with SDG 16 (Peace, Justice and Strong Institutions) and SDG 10
(Reduced Inequalities), among others. Our products and services
help citizens access vital government benefits, protect society by
detecting and preventing fraud across a range of business sectors
and at US government levels, and help law enforcement keep
communities safe. We have established data privacy principles,
governance structures and control programmes designed to
ensure data privacy requirements are met and personally
35
Relevant
SDGs
Overview
Market segments
Santiago Espinoza
Director, Market Planning
LexisNexis Risk Solutions
Lack of access to sustainable credit
is one of the biggest challenges in
Corporate Responsibility
fighting poverty and increasing
economic opportunity in emerging
markets. Our products are helping
to address this challenge.
which slows economic growth. The challenge of financial
inclusion is often magnified in low-income countries, given
gaps in identity verification and credit risk assessment.
Financial review
Risk uses alternative credit data, such as professional licenses,
asset ownership, higher education data and other public
records to help lenders better assess borrowers ensuring
consumers are not underestimated while addressing the
problem of ‘credit invisible’ people, those with no credit record.
In 2022, Risk launched Decision Trust, leveraging global
intelligence on consumer behaviour to help lenders determine
the fraud risks associated with a credit application; enabling
greater financial inclusion for those lacking sufficient credit
history with local credit bureau databases. Alternative data
modelling has allowed customers to increase their acceptance
Governance
rates by up to 500% because they now have visibility into
previously excluded population groups. Decision Trust is opening
up opportunities for customers to engage with otherwise
credit-invisible candidates who represent roughly 75% of the
adult population in emerging markets around the world. Decision
Trust has a pipeline of 58 initiatives across various markets,
including Chile, Colombia, Indonesia, Mexico, Peru, South Africa
and Vietnam.
identifiable information is protected, and individuals’ privacy
other information
Financial statements and
concerns are addressed across all jurisdictions where we
operate. We work with established privacy advocacy groups,
federal and state legislators and other interested parties and
always operate within relevant legal, regulatory, ethical and
best practice frameworks.
In 2022 Risk combined Artificial Intelligence (AI) with a host of
complex fraud signals to better predict when an online banking
user is about to send a payment to a fraudster. Following trials
with two major UK banks, there was a 120% increase in
36 RELX Annual Report 2022 | Corporate responsibility

detection of in-progress authorised push payment fraud among In 2022, there were over 1.5m Research4Life downloads
online banking customers. In 2022, LexisNexis Financial Crime from ScienceDirect. In serving the global scientific research
Digital Intelligence, a financial crime compliance solution that community, Elsevier published over 600,000 articles in 2022.
leverages digital identity data to transform compliance
In 2022, the Elsevier Foundation advanced Research4Life’s
workflows, was recognised with Aite-Novarica Group’s 2022
new Country Connectors initiative which aims to heighten
Anti-Money Laundering Impact Award which recognises
awareness and use of Research4Life content, building
organisations and vendors for new and disruptive financial crime
communities of users by establishing national focal points
solutions that most effectively and efficiently counter escalating
in Bhutan, Eswatini, Ghana, Kenya, Liberia, Sierra Leone
financial crime threats.
and Tanzania. Connectors are creating tailored networking,
The ADAM programme was developed and donated by LNRS information skills building and promotion, empowering
in 2000 to help the National Center for Missing and Exploited users to drive change in their communities.
Children (NCMEC) find missing children. ADAM technology,
To bridge the clinical practice gap in low-income countries,
which is maintained and enhanced by LNRS employees,
the Elsevier Foundation continued its partnership with Amref
distributes missing child alert posters to law enforcement,
HealthAfrica’s LEAP programme which scales mobile learning
hospitals, retail, businesses and the public within specific
for healthcare workers in Ethiopia. Elsevier data scientists are
geographic search areas. In 2022, ADAM distributed 1.5m poster
working with long-standing partner, Datakind, to build
alerts in over 1,880 missing child cases that helped NCMEC
predictive analytics capacity to help Amref understand how
resolve over 1,300 missing child cases.
its platform engages learners and health outcomes.
Scientific, Technical & Medical SSRN is Elsevier’s preprint and early-stage research platform.
Elsevier plays an important role in advancing human welfare and It enables researchers around the world to openly share their
economic progress through its science and health information, work so that it’s freely available to others in their field and the
which spurs innovation and enables critical decision-making. wider research community, promoting discussion, collaboration
Among others, Elsevier makes a significant contribution to and the exchange of ideas. In 2022, SSRN exceeded 1m papers
SDG 3 (Good Health and Well-Being), SDG 5 (Gender Equality), on the platform with over 200m content downloads.
SDG 10 (Reduced Inequalities) and SDG13 (Climate Action).
To broaden access to its content, Elsevier supports programmes
in places where resources are often scarce. Among them
is Research4Life, a partnership with UN agencies and over
1.5m+
Research4Life downloads from Elsevier’s ScienceDirect
200 publishers; we provide core and cutting-edge scientific
information to researchers in 125 low-and middle-income
countries. As a founding partner and leading contributor, Elsevier
provides around 15% of the material available in Research4Life,
encompassing approximately 5,000 journals and 30,000 e-books.
5,000+
Elsevier journals available through Research4Life

2022 PERFORMANCE

Meaningful support of SDG 3 and SDG 10

by championing inclusive health and
research through global partnerships
Focus on a range of projects including the Sansum Diabetes
Research Institute’s Latino community scientists and the
Black Women’s Health Alliance to improve health care
outcomes and reduce health disparities for African
American and other minority women and families
in Philadelphia.
The Elsevier Foundation works to help underserved
communities around the world achieve better health
outcomes and a more sustainable research ecosystem.
Latino communities in the United States are
disproportionately burdened by obesity and type 2 diabetes,
and the many serious associated medical complications.
Between 2020 and 2022, the Elsevier Foundation partnered
with the Sansum Diabetes Research Institute to evaluate the
therapeutic benefits, acceptability and dissemination of a
culturally tailored, diet-focused lifestyle therapy
programme. The project trained bilingual community health
workers (Especialistas) to conduct diabetes outreach within
Latino communities. They provided wearable digital health
technologies, such as continuous glucose monitoring devices
and activity and sleep trackers, and explained processes and
results in lay terms. Using validated questionnaires to capture
associated psycho social data from participants, the studies are
assessing the clinical effectiveness of lifestyle therapy
programmes among Latino adults.
The Black Women’s Health Alliance aims to improve healthcare
outcomes and reduce health disparities for African American
and other minority women and families in Philadelphia through
advocacy, education, research and support services. Its
Millennial Sister Circle uses holistic approaches to health and
well-being to support African American women in Philadelphia,
aged 18-39 years. In 2022, they introduced a four-chapter
curriculum covering a range of issues including stress
management, trauma and depression, and financial health,
with an emphasis on health-prioritised lifestyle. A dedicated
app, e-modules, and a resource guide supported five virtual
sessions in the year.
RELX Annual Report 2022 | Our unique contributions 37

Overview
Legal Legal launched a new ESG tracker in 2022 that leverages Nexis
Newsdesk to allow users to explore ESG trends and conduct
LexisNexis Legal & Professional (LNL&P) advances SDG 16
customisable searches. It includes a search bar delivering the
(Peace, Justice and Strong Institutions) through its products and
top 15 ESG-related news stories sourced in real time, drawing
services that promote the Rule of Law. The LNL&P global legal
on nearly 100,000 news sources written in over 90 languages.
and news database contains 144bn documents and records
The ESG tracker allows users to create comparisons between
providing transparency of the law in more than 150 countries,
their ESG efforts and those of competitors.
with some 1.2m new legal documents added daily.
In 2022, the LNROLF completed a multi-year project in support
Through its content, data and analytics, LNL&P supports the
of the Defence Bar of Indonesia. Along with experts from the
four components of the Rule of Law: transparency of law,
International Legal Foundation and the Attorney General
equality under the law, independent judiciaries and accessible
Alliance, LNROLF facilitated training for defence lawyers and

legal remedy.
Legal has partnered with the International Bar Association (IBA)
on the eyeWitness to Atrocities App, which allows human rights
defenders to document and report human rights abuses
in a secure and verifiable way so information can be used as
admissible evidence in relevant forums such as the International
Criminal Court of Justice. LNL&P utilises its premium data
hosting capabilities to provide a secure repository for the
information collected, with over 40,000 photos and videos
uploaded to date, including over 20,000 relating to allegations
of Human Rights abuses and crimes against humanity in Ukraine.
Market segments
prosecutors on why input from both are essential to a fair trial.
In addition, legal colleagues reviewed and supported the
relaunch of a Human Rights Assessment Tool for Oxfam which
allows citizens to protect their rights by providing details on
their human rights status to government authorities.
Since 2008, LNL&P has partnered with industry associations to
recognise individuals and organisations for their commitment
to the Rule of Law. 2022 award honourees include Ghana’s Yorm
Ama Abledu, recipient of the Outstanding Young Lawyer Award,
jointly established by LNL&P and the IBA Young Lawyers

Corporate Responsibility
Committee, for her demonstrable passion for mentoring the
In 2022, we provided support for the creation of a Ukrainian
next generation of African legal professionals. In 2022, LNL&P
language version of the app.
also partnered with the IBA to establish the IBA Rule of Law
In 2022, Legal, in partnership with the LexisNexis Rule of Law Forum/LexisNexis Rule of Law Lifetime Achievement Award,
Foundation (LNROLF) and the Ukrainian National Bar Association, which was presented to Benjamin B. Ferencz, for his dedication
developed the LexisNexis Legal Aid Portal – Ukraine. The portal to the Rule of Law.
allows law firms and corporations to offer legal jobs and
complimentary legal assistance to Ukrainian lawyers, enabling
them to receive help from anywhere in the world.
Legal, in partnership with the LNROLF, also launched the LexisNexis
40,000+
Photos and videos uploaded to eyewitness to Atrocities
US Voting Laws and Legislation Centre in 2022. This tool, created by

Financial review
a LexisNexis team of over 50 employees, provides free public
access to over 40,000 US state and federal voting laws and related
legislative changes, providing unbiased, non-partisan information
for understanding current laws, and changes over time.
1.2m+
New legal documents added daily to LexisNexis

2022 PERFORMANCE

Meaningful support of SDG 16 through

Governance
advancing a legislative review project This project is a great example of
with the UK National Crime Agency and how we leverage our core business
the International Centre for Missing and assets, our people, their expertise,
Exploited Children on child sexual abuse and their passion, to advance the
reporting and data sharing across Rule of Law.
nine countries Nigel Roberts
VP Global Associations, LexisNexis Legal & Professional
The LexisNexis Global Legal Team volunteered their time and and VP LexisNexis Rule of Law Foundation
expertise to develop a research piece on the legislation that
other information
Financial statements and

companies operate within that may impact child sexual abuse

reporting and data sharing. The team included colleagues
from Australia, Canada, Germany, Hong Kong, the Philippines,
Singapore, South Africa, the UK and the US. Research was
conducted on data protection sharing and legal reporting
obligations in 84 jurisdictions across the globe in support of
a project that the UK National Crime Agency coordinated with
the International Centre for Missing and Exploited Children.
38 RELX Annual Report 2022 | Corporate responsibility

Exhibitions At the 2022 MIPTV television market, RX France presented its

RX events strengthen communities and supports the SDGs,
including SDG 11 (Sustainable Cities and Communities) and SDG 10
(Reduced Inequalities). In addition, RX events support SDG 13
(Climate Action) by allowing customers to conduct business more
efficiently in a single setting, avoiding the need to travel and expend
more emissions in order to see customers individually.
RX saw a strong return to face-to-face events in 2022. According
to RX’s 2022 Customer Mindset Tracking Study, face-to-face
business remains a key priority for customers looking to rebuild
supply chains, renew their order books, and grow their businesses
in a post/late Covid-19 world. 75% of small and medium
enterprises which have been hardest hit by the absence of live
marketplaces over the past two years, said trade events offered
them something that they cannot get elsewhere. Returning
customers also took advantage of new RX digital and data analysis
tools to source business solutions and suppliers, capture more
leads, and analyse and improve their event performance.
In 2022, as part of its five-year, $1m commitment to racial equity,
RX supported two new charity partners: The Research in Color
Foundation, a US-based, non-profit organisation which seeks to
diversify economics through mentoring and financial support; and
the GO Foundation in Australia, which creates opportunities for
indigenous youth through educational scholarships, cultural
connection days and mentoring.
third annual MIP SDG Award which honours media companies
for their contribution to delivering the SDGs. The 2022 award
was presented to Association of Commercial Television and VOD
Services in Europe, in recognition of its work combatting the
spread of online disinformation. Junk Kouture received the first
MIP SDG Innovation Award for encouraging young people to
create high fashion from recycled materials. The event also
features the MIPCOM Diversify TV Excellence Awards, now in
their sixth year, to honour the most compelling creators,
characters and stories promoting diversity and inclusion
on-screen. Among them were Pour toi Flora, a Radio Canada
drama that explores the legacy of the trauma inflicted on
Canada’s indigenous communities and Exceptional, a teen
drama about a girl with autism, from Israel’s Kan 11.
Building on the success of its US programme for guests with
disabilities, ReedPop introduced an accessibility programme at
MCM Comic Con London for the first time in 2022 to ensure all
fans had an equally rewarding experience. This included special
assistance stickers and carer passes, special assistance lanes
for entry to the venue, show floor and main stages, and British
Sign Language interpreters for selected panels. The team also
provided a dedicated ‘Reset Room’, staffed by volunteers from
the mental health charity Gaming the Mind, for anyone feeling
anxious, overstimulated or simply needing time out.

2022 PERFORMANCE

Meaningful support of SDG 11 including

a focus on show content supporting net
zero and the transition to a low-
carbon economy
As a founding signatory of the UFI Net Zero Carbon Events
initiative, RX attended COP 27 in Sharm El Sheik in November
to launch the global event industry’s Sustainable Roadmap. In
the year, RX also established an internal Global Sustainability
Council to drive its own roadmap to net zero and published a
sustainability playbook for event teams.
Sustainability topics are embedded into a range of shows. For
example, the National Hardware Show, Las Vegas, featured Zone’ to showcase sustainable advantages of aluminium
HABITAT, a new curated showcase for sustainable ideas and packaging. The zone featured interactive can recycling, and
technologies at home. HABITAT educated buyers on what to visitors were invited to redeem environmentally friendly
look for when sourcing sustainable products and flagged aluminium cans. As they did, they helped illuminate a carbon
opportunities for retailers in this rapidly growing market. footprint tree. Some 1,000 cans were collected during the
three day event.
The Sustainability Corner at In-cosmetics Global provided
an interactive educational area where participants could
present sustainable ingredients and technologies to
potential partners. The 2022 edition in Paris welcomed
over 44 exhibitors (up from 29 in 2019), reflecting growing Our global portfolio of energy
momentum towards a more conscious beauty industry.
business events offer a platform for
Ahead of Batimat, the world’s largest event dedicated to
building and construction, RX embarked on a Low Carbon thought leadership, and a showcase
Construction Tour of 12 European and African cities to for clean energy transition.
raise awareness of low-carbon solutions for the
construction industry. Helen Sheppard
Sustainability Director, RX
Working in partnership with the China Nonferrous Metals
Processing Industry Association, Aluminium China 2022
delivered its annual ‘Aluminium Packaging Public Welfare
RELX Annual Report 2022 | Our unique contributions 39

Across RELX
Recognising that across RELX we have products, services, tools
and events that advance the UN’s 17 SDGs, we created the free
RELX SDG Resource Centre in 2017 to advance awareness,
knowledge and implementation. Since 2017, we have made
over 1,500 journal articles and book chapters free to access
via the RELX SDG Resource Centre which would have
otherwise cost over £3m to make open access.
We held our annual RELX SDG Inspiration Day in the year with a
focus on SDG16, Peace, Justice and Strong Institutions, giving
Overview
speakers included former Secretary General of the United
Nations, Ban Ki-moon, and legendary musician and political
activist, Sir Bob Geldof.
2022 marked the twelfth year of the RELX Environmental
Challenge, focused on providing improved and sustainable
access to water and sanitation where it is presently at risk. The
$50,000 first prize winner was Caminos de Agua, a US charity
operating in Mexico which develops low-cost, community-run
groundwater treatment systems that remove arsenic and
fluoride from community water supplies. The $25,000 second
prize winner was MSABI, a Tanzanian organisation with a

Market segments
thought leaders, corporate representatives, investors,
subscription-based model for maintaining community water
governments, and NGOs a common platform to discuss
pumps. For more information see page 69.
challenges and opportunities for collaboration. Keynote

2022 PERFORMANCE

Advance the SDGs by increasing the

number of research articles available
on the RELX SDG Resource Centre

Corporate Responsibility
In 2022 we increased the number of research articles on
the RELX SDG Resource Centre by 24% and added 650 new
content items. We published 18 special issues in 2022
featuring curated articles, book chapters and other content
on specific topics. This included a humanitarian special issue
in the wake of the invasion of Ukraine and other crises which

3,200+
had more than 27,000 page views. Ahead of COP27 in
November we also released a climate change special issue,
which included a curated list of 110 Elsevier journal articles
and book chapters to inspire positive environmental action Research articles available on the RELX SDG Resource Centre
and further climate research. We closed the year with more

Financial review
than 155,082 unique users, a 16% increase over 2021.

2023 objectives By 2030

Protection of society – SDG 10 (Reduced Inequalities): Use our products and expertise to advance the SDGs,
Expansion of financial inclusion efforts in Africa and APAC among them:

Governance
working to provide lenders with improved risk information
SDG 3 (Good Health And Well-Being)
from alternative credit data to benefit more people
SDG 10 (Reduced Inequalities)
Advance of science and health – SDG 10 (Reduced
Inequalities and SDG 13 (Climate Action): Global SDG 13 (Climate Action)
partnerships to advance an inclusive approach to climate
SDG 16 (Peace, Justice And Strong Institutions)
action, including with the World Academy of Sciences
to support women scientists in the Global South working Enrich the SDG Resource Centre to ensure essential content,
to address climate change tools and events on the SDGs are freely available to all
Promotion of the rule of law and access to justice – SDG 16
(Peace, Justice and Strong Institutions): Advance the United
other information
Financial statements and

Nations Global Compact’s SDG 16 Business Framework on

Inspiring Transformational Governance to promote business
understanding and implementation of SDG 16
Fostering communities – SDG 13 (Climate Action): Progress
Net Zero Carbon Events initiative, including by reporting the
net zero pathway for RX shows
Universal, sustainable access to information – Increase the
number of unique users of the RELX SDG Resource Centre by
15% over 2022
40 RELX Annual Report 2022 | Corporate responsibility
Relevant
SDGs

Corporate responsibility governance

Good governance allows us to make appropriate decisions in a manner that
weighs economic considerations alongside the risk and impact on our
business operations and our stakeholders.

CR Governance and reporting Hitomi Hibino

Assistant Company Secretary,
Our Board recognises the importance of maintaining high
RELX
standards of corporate governance, which underpins our ability
to deliver consistent financial performance, and value to our
stakeholders, consistent with RELX’s culture of integrity.
The Board has oversight responsibility of RELX’s corporate
governance and their role and function is explained fully in the
Corporate governance section (see pages 98 to 151). The Audit Strong corporate governance
Committee of the Board regularly reviews ethics issues. In
addition, the Chief Legal Officer (CLO) and Company Secretary is ensures a business has effective
responsible for ethics issues as a member of the RELX executive decision-making processes and
committee. The Chief Compliance Officer and Corporate General
Counsel reports to the CLO and presents to the Board annually controls in place so that the interests
on the status of our ethics policies and implementation. of all stakeholders are balanced.
Governing policies set out our stance on key issues and are It is fundamental to the way RELX
publicly available at www.relx.com/cr-downloads. These
include the RELX Code of Ethics and Business Conduct, the
operates, and this is clearly visible
Code of Ethics for Senior Financial Officers, the Supplier Code in our culture of integrity and trust.
of Conduct, Tax Principles, Privacy Principles, Inclusion and
Diversity Policy, Health and Safety Policy, Editorial Policy,
Quality First Principles and Product Donation Policy.

Our values
We monitor the progress of each business in embedding our values.

Customer Valuing our Innovation Passion Boundary-

focus people for winning lessness

Our CR governance framework

The CEO has responsibility to the Board for CR. They and senior
management, as well as the CR Forum, chaired by a senior leader
and involving individuals representing key functions and business Board
areas, set and monitor CR performance. This includes our annual
and longer term CR objectives, which reflect the views of a range
of internal and external stakeholders. More information can be
found on www.relx.com/additional-cr-resources. The Global
Head of ESG and CR provides formal updates to the Board and CEO
engages on key issues with senior managers, who have
CR-related Key Performance Objectives (see page 126).
Business area CEOs

Global
Head of ESG
CR Compliance RELX CR
and Corporate
Forum Committees networks
Responsibility and
CR Team
RELX Annual Report 2022 | Corporate responsibility governance 41

Helping our people pursue the highest

ethical standards
RELX is committed to fostering a culture of integrity. Doing the
Right Thing is more than a phrase at RELX, it embodies principles
that represent RELX’s culture of integrity. It includes ensuring
respect for one another, incorporating ethics in all our actions;
growing our business with integrity; holding ourselves and
each other accountable; and taking time to ask questions
and report concerns.
Doing the Right Thing is underpinned by clear actions for
employees, among them, being honest in our dealings with others;
Overview
Key points:
Ethics and compliance policies,
training and tracking
Read our Code of Ethics and Business Conduct at www.relx.com/
cr-downloads
To help employees comply with applicable laws, we
supplement the Code with other policies in areas critical
to our business, including anti-bribery, competition, data
privacy and security, trade sanctions and workplace conduct.

Market segments
respecting the law, our policies and colleagues; and courageously
speaking out for what is right. RELX in turn provides supporting To facilitate understanding We maintain compliance
training and resources; enables a culture where people can feel of the Code and our other committees for all RELX
comfortable speaking up and experience no retaliation when they policies we require cyclical business areas which help
do; and ensures concerns are listened to and acted on in a fair mandatory training and use set and implement
and timely manner. a range of communication compliance initiatives for
The pillars of our compliance activities are risk assessment; tools, including video each business
policies and procedures; training and communications;
investigations and remediation; and monitoring of internal We provide specialised The Code stipulates
controls. Accordingly, the RELX Operating and Governance training and webinars for protection against

Corporate Responsibility
Principles describe the processes, policies, and controls to colleagues in higher-risk retaliation if a suspected
manage risk. We engage in a legal and compliance risk roles and locations violation of the Code or
assessment twice a year to identify the top legal and compliance law is reported
risks to the Company.
Our Code of Ethics and Business Conduct (the Code) sets the
standards of behaviour for all RELX employees. Among other
topics, the Code addresses fair competition, anti-bribery,
conflicts of interest, employment practices, data protection and
99.5% 13
Completion rate for all Our Code of Ethics and
appropriate use of company property and information. It also
courses within 90 days Business Conduct is
encourages reporting of violations – with an anonymous reporting
of issuance available in 13 languages
option where legally permissible.

We offer several reporting channels to report Code-related
concerns, including an Integrity Line, available to employees,
suppliers, and other reporting persons. The Integrity Line is
managed by an independent third party and accessible by
telephone or online 24 hours a day, 365 days a year. The Integrity
Line also includes an Ask A Question feature which allows
employees to seek ethical advice before taking action. Reports
of violations of the Code or related policies are promptly
investigated, with careful tracking and monitoring of violations
and related mitigation and remediation efforts.
The number of reports received is publicly available on our
Financial review
The Code and a related supplemental policy also address
corporate political contributions, which are strictly prohibited
except in the US, where such contributions and activities are
permitted in certain states within allowable limits, if they comply
with stringent reporting and disclosure regulations. Employees
must obtain senior management approval for any proposed
corporate political contributions; all corporate contributions
are reported as required by law. Contributions are made on
a bipartisan basis to support the progression of the company
and no funds are donated for presidential campaigns.

website www.relx.com/investors/corporate-governance/
code-of-ethics
We maintain a comprehensive set of other compliance policies and
procedures in support of the Code and our risk areas, which are
reviewed and updated periodically to ensure they remain current
and effective. We formally audit the compliance programme,
including the Code, every three years. Our policies, including
our anti-bribery policies, also comprise part of our adequate
procedures for compliance with applicable laws. Full and
part-time employees receive mandatory training on the Code – both
Governance
We remained diligent in our ongoing efforts to comply with
applicable bribery and sanctions laws and mitigate risks in
these areas. Our anti-bribery and sanctions programmes
include detailed, risk-based internal policies and procedures
on topics such as doing business with government officials, gift
and entertainment limits, gift registers, and complex sanctions
requirements. Relationships with third parties and acquisition
targets are evaluated for risk using one or more of the following
methods, including; questionnaires, references, detailed
electronic searches, and Know Your Customer screening tools.
We monitor and assess the implementation of our anti-bribery
other information
Financial statements and

as new hires and regularly throughout their employment – on topics

and sanctions programmes by continually reviewing and updating
such as maintaining a respectful workplace, preventing bribery
our policies and procedures; conducting periodic programmatic
and anti-competitive activity, and protecting personal and
risk assessments; and conducting quality reviews and internal
company data. Mandatory periodic training covers key Code topics
monitoring and audits of the operational aspects of the programmes.
and is supplemented by advanced in-person training for those in
higher-risk roles or regions. Temporary staff and apprentices are
also assigned training.
42 RELX Annual Report 2022 | Corporate responsibility
We engage with our employees about compliance through
written communications and other media, such as short videos.
To celebrate Compliance Week 2022, we developed articles and
activities to demonstrate how employees contribute to our culture
of integrity by highlighting specific examples from across our
business areas.
Our Code of Ethics and Business Conduct supports the principles
of the United Nations Global Compact (UNGC) and stresses our
commitment to human rights. In accordance with the UN’s Guiding
Principles on Business and Human Rights, we consider where and
how we operate to avoid human trafficking and modern slavery in
our direct operations and in our supply chain.
Our Modern Slavery Act Statement, available at
www.relx.com, provides further details.
As a signatory to the UNGC, we support its principles,
encompassing human rights, labour, environment and
anti-corruption, in key policies including our Code and our
Supplier Code.
Data privacy
Our commitment to data privacy remained a critical RELX priority
during 2022. We conducted audits on the use of our Risk products
by our customers, and continued to ensure that we structured
relevant contracts to govern appropriate use of our products to
protect individuals.
Dedicated privacy teams implemented requirements for
compliance with emerging data protection regulations around the
globe. In addition, RELX continued to advocate for clear national
privacy laws that protect consumers, bolster consumer trust and
allow businesses to invest in data-driven activities that serve the
public interest.
Cyber security
We observed Cyber Security Awareness Month with both central
and business specific initiatives aimed at improving security
understanding for employees. This included an Ask Me Anything
session with Chief Information Security Officers from across the
Company and our fifth annual phishing awareness challenge for
employees. Furthermore, in recognition of International Fraud
Awareness Week, we hosted various employee events including
a quiz and daily challenges. Throughout the year, we also
contributed to industry knowledge by sharing appropriate
learnings with the external security awareness community.
Pensions and investments
The Statement of Investment Principles for our UK pension
scheme demonstrates that the Trustee recognises that
consideration of financially material factors, including ESG and
climate risk, is relevant at different stages of the investment
process. As long-term investors, the Trustee embeds
consideration of ESG factors in its investment decision-making as
ESG factors can have a material impact on risk and return. The
Trustee has produced a Responsible Investment Policy which has
been shared with all managers. Throughout the year, the Trustee
Board received presentations from ESG experts and set up a
dedicated Responsible Investment Sub-Group.
Corporate responsibility issues are also relevant to the
investment decisions made by RE Venture Partners, RELX’s
corporate venture arm. RE Venture has invested in sustainable
food production, environmental education and the creation of
inclusive content.
2022 PERFORMANCE
Support of SDG 16 through global
activities for employees to raise
awareness of data privacy and protection,
including for Data Privacy Day
We increased activities during 2022 to bolster employee
awareness of our commitment to data privacy and how they
can act as responsible stewards of personal information
we hold.
To promote Data Privacy Day 2022 we created and distributed
a promotional video by our data protection officers and Chief
Privacy Officer. On the day we also announced the winners of
the annual RELX Privacy Champions contest and sponsored a
Data Privacy Day quiz to spur colleagues to demonstrate their
privacy knowledge.
We undertook additional Data Privacy Day awareness
activities which included leadership messages and articles.
Employee awareness privacy promotions continued during
the year, with messaging in May about Privacy Awareness
Week in the Asia Pacific region and globally about the fourth
anniversary of the GDPR framework in the European Union.
2022 PERFORMANCE
Support of SDG 16 by expanding National
Institute of Standards and Technology
Cybersecurity Framework assessment
reporting
All four operating divisions completed independent
third-party assessments of their cybersecurity programmes
measured against the National Institute of Standards and
Technology Cybersecurity Framework during the year. RELX
continues to enhance its controls in the five pillars of NIST
CSF - Identify, Protect, Detect, Respond, and Recover. These
assessments involve questionnaires and inspection of our
cybersecurity governance and control implementation to
judge efficacy and maturity.
During 2022, we enhanced our security programme,
adding additional monitoring capabilities and implementing
more mechanisms to ensure threat intelligence is shared
in a meaningful way. We also enhanced our technical
resilience capabilities to enhance our ability to respond
to cyber-attacks.
RELX Annual Report 2022 | Corporate responsibility governance
A responsible taxpayer
Taxation is an important issue for us as well as our stakeholders,
including our shareholders, governments, customers,
suppliers, employees and the global communities in which
we operate. We are transparent about our approach to tax.
At www.relx.com/go/TaxPrinciples we provide details about
our tax principles and global tax contribution – broken down
by regions and categories – along with our tax risk control
framework. There are also case studies showing how RELX has
made a positive contribution in tax-related areas to benefit society
as a whole. RELX is a signatory to the B Team’s Responsible
Tax Principles.
Globally, in 2022, RELX paid £495m in corporate taxes, but also
paid and collected much more in payroll taxes and indirect taxes.
2023 objectives
Security – SDG 16 (Peace, Justice and Strong Institutions):
Successful completion and testing of technical resilience
enhancement initiatives across business units
Privacy – SDG 16 (Peace, Justice and Strong Institutions):
Increase efficiency in fulfilling privacy requests at scale.
Responsible tax – SDG 16 (Peace, Justice and Strong
Institutions): Continue to advance African tax law
codification projects
43
Overview
2022 PERFORMANCE
Support of SDG 16 through continued
advancement of African tax law
codification pilots
Taxes provide governments with the essential revenue
necessary for public services that benefit their citizens.
Governments need codified tax laws to know when, how much
and from whom they should be collecting. Citizens need
codified and transparent tax laws to understand their liabilities
Market segments
and to advocate for fair collection and use of their remittances.
Unfortunately, in many countries around the world, it is difficult
for tax authorities and taxpayers alike to access tax law in a
complete, up-to-date and consolidated form.
Working with LexisNexis Legal & Professional South Africa
and the LexisNexis Rule of Law Foundation, in 2022, we
progressed a project to produce and maintain a set of freely
available consolidated tax laws in Ethiopia, our first pilot
country, with a view to making tax laws more transparent and
accessible to the government and its citizens. We aim to have
substantially completed the project and expand to a second
Corporate Responsibility
country in 2023.
Financial review
Governance
By 2030
other information
Financial statements and
Continued progressive actions that advance excellence in
corporate governance within our business and the marketplace
44 RELX Annual Report 2022 | Corporate responsibility
Relevant
SDGs

People
We owe our success to RELX’s talented employees, including researchers,
technologists, event managers, product engineers, data scientists and many
others. We depend on our employees and they count on us to create a fair,
challenging, rewarding and supportive work environment where they can
achieve their potential.

Our people Ronda Bazley Moore

One of our five RELX values is valuing our people and for us that Chief Inclusion and Diversity
means creating an environment where our employees can do their Officer, LexisNexis Legal &
best work and achieve our business objectives. This, in turn, helps Professional
us be an employer of choice, so that we can recruit and retain the
best people.
We conduct regular employee opinion surveys across RELX and
our 2022 Pulse Survey had the highest response to date with Building a positive workplace,
almost 30,000 employees responding. Our Net Promoter Score
is a key indicator, as it asks employees if they would recommend
one that is diverse and inclusive, is
working at RELX, which continues to improve. We have also important because it means we can
maintained employee engagement at 98%. Through these all be our best. It allows everyone
surveys we continually ask for feedback and ensure we respond
accordingly to keep RELX an excellent place to work for all to use their knowledge and skills
our people. to contribute to the success
All four of our business areas were included in the 2022 of the business while achieving
Comparably Best Global Company culture list, Elsevier was 5th,
LexisNexis Legal & Professional 18th, RX 31st and LexisNexis Risk their full career potential without
Solutions 36th. LexisNexis Legal & Professional was cited in unnecessary barriers.
Comparably’s top 25 companies for career growth and LexisNexis
Risk Solutions and RX received awards for best leadership teams.
Kumsal Bayazit, CEO of Elsevier and Mike Walsh, CEO of
LexisNexis Legal & Professional, were cited as two of the best
CEOs for women and diversity.
Our workforce consists of over 35,000 people and seven years is
the average length of service. 97% of our employees are full-time
and 3% part-time, with the oldest employee being 86 years old.
35,000+ 7
Employees worldwide Average length of service
1% of employees are temporary workers and we engage over in years
1,000 contingent workers. We estimate the total hours worked
by all employees to be more than 63m in the year.
In 2022, our total turnover rate was 15.5%; the voluntary turnover
rate was 13.1% and the involuntary rate was 2.4% reflecting the
buoyancy of international labour markets.
$15m 400,000
Number of training hours
Investment in training
across RELX

98%
Employee engagement
500+
Number of mentoring
score in 2022 RELX relationships through
Employee Pulse Survey NetWorx
RELX Annual Report 2022 | People
Training and development
We are proactive in helping our people to develop. Each year
we undertake an organisational talent review that involves the
CEO and other senior leaders identifying employee advancement
opportunities. Employees have access to our global job board
and can view and apply for available openings across the world.
Enabling Performance is our approach to personal development
which reviews skills and achievements and identifies
opportunities for recognition and advancement. Enabling
Performance encourages regular and impactful performance,
development and career conversations for all employees.
In 2022, we invested approximately $15m in training (including
courses, seminars, one-to-one instruction and tuition
reimbursement) to develop the capabilities and future potential
of our people. RELX employees engaged in approximately 400,000
training hours in the year, including time spent on our online
learning platforms. We invest in leading digital learning for all
employees to support their personal and professional
development via mobile and other devices.
Career development is further supported by a global mentorship
programme, NetWorx, that involves participants from across our
business areas. The digital mentoring platform recommends
matches based on individual profiles and specific goals, creating
six month long mentoring relationships. In 2022, the platform
supported more than 500 active mentoring pairs.
By the close of 2022, approximately 100 of RELX’s top executives
had either completed a Management Development Process or had
their existing development plan revisited. This leads to precise
actions for attaining present and future career objectives;
provides an insightful view of the individual; and encourages
openness, as sensitive issues are addressed in a spirit of
confidentiality and respect. The Management Development
Process involves in-depth interviews to assess strengths and
development areas; agreeing an action plan with the individual
and their manager on present role, skills and knowledge; and
future career aspirations. Plans may include gaining international
experience, focused coaching and engagement outside RELX
where appropriate. Progress against development plans is
regularly updated and checked by the CEO.
Reward
2022 PERFORMANCE
Advance reward education for people
managers encompassing pay equity
Cascade newly developed, on-demand, reward eLearning
modules to managers for real time access.
Reward education for people managers encompassing pay
equity took place across our four business areas in the year.
In addition, we launched on-demand reward eLearning
modules for all people managers, with content added to
onboarding materials for new managers.
We made online learning tools available across the business,
which were referenced as part of the reward cycle and other
leader and HR communications.
45
We have robust and well-established reward mechanisms across
Overview
RELX, with a strong emphasis on performance, fairness and
equity. In 2022, we introduced a programme of reward education
for people managers to explain how our reward mechanisms
operate and help build trust in reward.
In 2022, 45% of employees were eligible for variable pay through
an annual incentive or commission plan.
We operate a number of different employee share plans including
all-employee share purchase programmes in the UK and the
Netherlands, which together represent approximately 20% of our
employees. We will be rolling out a similar plan in the US in 2023,
Market segments
subject to shareholder approval at the 2023 AGM.
Performance targets associated with CR are embedded within our
annual incentive framework to progress our annual and
multi-year CR objectives.
Well-being and support
The global pandemic has had a long-lasting effect on how people
work and we have many employees who are working from home
most of the time. With this in mind, we have prioritised the physical
and mental health of our people. We highlighted dedicated health
and well-being resources available to all employees across RELX,
Corporate Responsibility
maintained a network of more than 130 Well-being Champions,
and marked World Wellbeing Week 2022 with events which
highlighted health and well-being programmes and resources
available to all RELX colleagues, including the Headspace app with
mindfulness resources, and virtual fitness classes.
We offer employee assistance programmes to all our employees,
providing professional counselling to help them and their family
members with personal or work-related issues that may impact
their health or well-being. This service is available 24 hours a day,
365 days a year.
Financial review
Leave benefits
Our global HR information system covers approximately 99%
of our workforce, allowing us to track absence. In the UK and the
Netherlands, there was an absence rate of 1.14% (number of
unscheduled absent days out of total days worked in 2022) for
reasons such as sick, compassionate and unpaid leave.
In the US, there were 1,381 cases under the US Family Medical
Leave Act, which provides up to 12 weeks of unpaid job protected
leave in a 12-month period, including for the birth or adoption of a
child, or to care for a family member or an employee’s own serious
Governance
health condition. RELX also offers a Modern Family Leave benefit
to eligible US employees which provides up to 14 weeks of paid
leave following the birth of a child or the placement of a child with
the employee for adoption and up to 8 weeks of paid leave to care
for an eligible family member with a serious health condition.
In the US, maternity leave is 14 weeks at full pay. In the UK it is
26 weeks’ ordinary maternity leave.
other information
Financial statements and
46 RELX Annual Report 2022 | Corporate responsibility

Inclusion and diversity

Gender of employees
2022 PERFORMANCE

Progress RELX inclusion goals, including Men

reviewing external best practices for 50% Women

voluntary disclosures of gender identity,

sexual orientation and disability
50%
During 2022, we progressed our inclusion goals by
introducing targeted initiatives encompassing training,
development and recruitment. We commenced reviewing
external best practices for voluntary disclosure by employees
Gender of managers
of personal diversity information. That review is continuing in
2023. In 2022, Elsevier launched a self-ID project for authors,
building on an industry-wide initiative colleagues helped
develop. More than 2.7m researchers chose to provide Men
44% Women
gender, race and ethnicity data as part of Elsevier’s journal
article submission process.

The importance of inclusion and diversity is enshrined in our

56%
Code of Ethics and Business Conduct. We prohibit discrimination.
We recruit, hire, develop, promote and provide conditions of
employment without regard to race, colour, creed, religion,
national origin, gender, gender identity or expression, sexual
orientation, marital status, age, disability or any other category Gender of senior leaders
protected by law. This includes accommodating employees’
disabilities and religious beliefs and practices.
At RELX, inclusion and diversity is also about encouraging, Men
supporting and promoting diversity of thought across the Company. 31% Women

This includes diversity of national origin, ethnic, and cultural

backgrounds, as well as the other characteristics mentioned
above such as gender, race, sexual orientation and religious
beliefs. We derive competitive advantage from the breadth of 69%
backgrounds, diverse perspectives, opinions and differing ways
of thinking that our employees bring to everything they do.
Our Inclusion and Diversity Policy builds on this and explains our
commitment to a diverse workforce and an environment that Employee age split
respects individuals and their contributions. Practical action is
driven by our inclusion strategy, and we have an Inclusion Council, 20%
composed of leaders from across our company, supported by a 23%
30 and under
broader Inclusion Working Group with 240 participants. Our 31 to 50
2020-2025 inclusion goals, covering all aspects of diversity, 51 and over
guide our inclusion and diversity efforts. During 2022, we have
progressed our inclusion goals through targeted initiatives
encompassing training, development and recruitment.

Employee Resource Groups 57%

RELX Employee Resource Groups (ERGs) encourage employees
to collaborate, advocate and engage communities, furthering
inclusion and diversity at RELX. In recognition of the important
roles ERGs play in advancing a culture of inclusion, all employees
have two days paid time-off per year to use for ERG-sponsored
activities. In 2022, ERG recorded hours recorded grew to 11,000
hours. In 2022, certain ERGs were consolidated to maximise focus
and impact. There are currently 69 active networks, focused on a
240
Participants in our Inclusion
99.1%
RELX score in Workplace
range of inclusion priorities, including gender, race, ethnicity, age, Working Group Pride Benchmark (LGBTQ+)
LGBTQ+ and disability. Over 2,400 employees participated in our
virtual inclusion and diversity conference, Be You, Belong, which ran
over two days during Diversity Awareness Month. The event focused
on how we can cultivate a sense of belonging across the Company.
The event featured 97 speakers and over 21 hours of coverage,
receiving an average employee satisfaction score of 9.3/10 and
69
Number of active Employee
11,000+
Employee hours engaged
attendance increased by 124% compared to the previous year. Resource Groups in ERG sponsored activities
RELX Annual Report 2022 | People 47

Gender

Overview
Ethnicity of US/UK employees
In 2022, the gender diversity of our senior leader population
increased from 30% women at the end of 2021 to 31%, while our 13% 7% <1%
women people managers remained at 44%. With respect to our 2%
Board of Directors, at year end 2022, women comprised 40% of 4% Unknown
8%
the Board, and Non-Executive Director Marike van Lier Lels Other
Multi-Racial
serves as our Workforce Engagement Director. or Indigenous
Hispanic
We have implemented a range of initiatives to enhance the White
career development opportunities for women. In Risk, a Black
Asian
bespoke Leadership Development Programme, Ignite &
Accelerate, provided mentoring, coaching and sponsorship for 66%

Market segments
16 high-potential women in the year to move cross functionally
and vertically, as well as into commercial roles. Since the
programme started in 2019, 60% of the 45 women involved have
Ethnicity of US/UK managers
been promoted, with a 90% retention rate. Risk also continued
their women’s mentorship programme which connected 400 10% 9% <1%
people in the year. Elsevier kicked off the fourth cohort of the 2%
4%
Developing Talent for Gender Equity programme and won the 3% Unknown
Women of the Future Corporate Award, with specific recognition Other
Multi-Racial
for prioritising and aligning internal and external-facing initiatives or Indigenous
encompassing advancing inclusion, diversity and equity in Hispanic
White
research and healthcare.
Black

Corporate Responsibility
With some 10,000 technologists in our business, we need to Asian

attract the best talent for our current and future work. Of the 72%
approximately 8,000 technologists we employ, 25% are women.
In 2022, we continued our Women in Technology internal
mentoring programme. Senior women and men in technology
Ethnicity of US/UK senior leaders
serve as mentors to help high-potential women technologists
advance. In 2022, there were 248 participants, a 143% increase 7% 7% <1%
2%
from 2021. RELX is a signatory of the Tech Talent Charter, a 1%
2%
non-profit organisation working to address inequality in the UK Unknown
Other
tech sector and in the year we contributed data in support of their
Multi-Racial
Diversity in Tech report. or Indigenous

Financial review
Hispanic
RELX is a signatory to the Women’s Empowerment Principles, White
a United Nations Global Compact and UN initiative to help Black
Asian
companies empower women and promote gender equality.
We comply with employee-related reporting requirements, and 81%
our business areas publish UK gender pay gap reports as required
by UK legislation. They can be found at www.relx.com/
corporate-responsibility/engaging-others/policies-and-
downloads/local-reporting-requirements. Elsevier implemented a Developing Talent for Minority Equity
programme for 36 colleagues from nine countries designed
We marked International Women’s Day 2022 with a panel
to expand opportunities in senior leadership for
discussion featuring Feraye Ozfescioglu, CEO of the World
underrepresented talent.
Humanitarian Forum, Philippa Scarlett, Head of Global

Government Affairs at RELX, and Gemma Hersh, SVP, Global
Academic and Government Sales at Elsevier who discussed
their career paths, future ambitions, and practical advice to
help women achieve their ambitions.
Race and ethnicity
Ethnic minority representation in the US and UK was 27%,
two key jurisdictions which account for approximately 57% of
our employee base. Ethnic minority senior leaders increased
to 12% while ethnic minority managers stayed consistent at
19% in 2022. With respect to our Board of Directors, at least one
Governance
In 2022, Legal expanded its fellowship programme in partnership
with its African Ancestry Network ERGs and the LexisNexis Rule
of Law Foundation, with a 50% increase to 18 fellowship
candidates and funding of $180,000 to Historically Black College
or University Law School Consortium students. The Fellows spent
nine months developing their leadership skills and working with
LexisNexis colleagues on projects focused on eliminating systemic
racism in our legal system and advancing the Rule of Law.
Exhibitions partnered with two organisations to increase the
diversity of its talent searches: OneTen in the US sources Black
other information
Financial statements and

candidates who have outstanding work experience but no college

member is from a minority ethnic background, in line with the
UK Parker Review.
We have a number of initiatives underway that focus on race and
ethnicity. Risk launched Emerge and Evolve, a talent development
programme for ethnically diverse talent with 31 employees in the
first cohort. The programme will enable visibility, enhance core
leadership skills and offer coaching to prepare employees for
more senior roles in the organisation.
degree and Black Young Professionals (BYP) Network helps raise
awareness of the RX brand in order to attract Black talent to the
business. Senior leaders from RX in the UK and US will mentor
ten BYP job candidates through the network’s Mentorship
Programme in 2023.
48 RELX Annual Report 2022 | Corporate responsibility

LGBTQ+ Inclusive workplace

RELX scored 99.1% in the 2022 Workplace Pride Benchmark, Across the business, inclusive workplace training encompassed
receiving the Advocate designation for LGBTQ+ workplace inclusive leadership, as well as unconscious bias with small group
inclusion. We celebrated Pride Month 2022 with ERG activities discussions to highlight situations that can adversely impact
across the Company including participation in the London, Atlanta colleagues and team achievements. In the year, psychological
and Chennai Pride Parades, and a panel discussion hosted by safety facilitators delivered workshops for managers and their
Mark Kelsey, CEO LexisNexis Risk Solutions, on the importance teams. We capture psychological safety data through surveys with
of LGBTQ+ visibility at senior levels. a support process to aid teams with low scores and additional
intranet resources available for all participants.
We are a member of the Open for Business Coalition which
promotes the economic case for LGBTQ+ inclusion. In 2022, Our Inclusion and Diversity Policy is available at
we supported the Coalition’s South East Asia programme aimed www.relx.com/cr-downloads.
at improving the social and legal situation for LGBTQ+ people in
the region, gathering local data and insights to support
LGBTQ+ inclusion.
2020-2025 Inclusion goals
The 2022 Elsevier Rising TIDE (Tomorrow, Inclusion, Diversity, and
Equity) for Pride programme took place with 44 participants. New Gender: Increase the percentage of women in management,
and early-career Elsevier employees who identify as members of senior leadership and technology roles over time
the LGBTQ+ community are paired with more senior colleagues Race and ethnicity: Increase the racial and ethnic diversity of
who identify as LGBTQ+ or allies for mentoring and support during our workforce over time
a six-month period.
LGBTQ+: Foster an LGBTQ+ supportive workplace tracked
In 2022, RELX signed The Business Coalition for the Equality Act, through employee surveys
a group of leading employers in the US that support the Equality
Act, federal legislation to provide the same basic protections to Disability: Foster a disability supportive workplace tracked
LGBTQ+ people as are provided to other protected groups under through employee surveys
federal law. The Human Rights Campaign gathered signatures Inclusive workplace: Establish minimum global standards
from over 500 companies which have signed the Business in areas such as flexible working and leave benefits; continue
Statement Opposing Anti-LGBTQ State Legislation opposing impactful global inclusion training and track effectiveness,
legislation aimed at restricting the rights of LGBTQ+ people. including through employee surveys; engagement on inclusion
across RELX, with leadership involvement and grassroots
Disability employee participation, including through ERGs
Our Enabled ERGs champion disability inclusion across our
business areas through training, events and mentoring. Disability
Fundamentals is our online interactive training for managers and
colleagues to learn about disability awareness, disclosures and
accommodations.
The RELX CEO is a signatory to the Valuable 500, a global CEO
community revolutionising disability inclusion. In 2022, we
celebrated the International Day of Persons with Disabilities
with sessions looking at how to create a safe and welcoming work
environment for people with disabilities, including making
meetings accessible for all colleagues.
In 2022, Risk signed up to the Neurodiversity in Business charter,
a business forum for organisations to share industry good practice
on neurodiversity recruitment, retention and empowerment.
Elsevier launched their Enabled Mentoring Programme in the
year, matching seven pairs of employees who have a disability,
including those who are new to the organisation or those who have
been recently diagnosed with a disability. The aim is to foster
confidence at work. Elsevier also continued its partnership with
the Business Disability Forum which works to remove barriers
to inclusion.
Legal earned the top score of 100% in the 2022 Disability Equality
Index. It runs Project Empowerment, global training on how to
successfully embed accessibility into our products. In 2022,
13 training sessions focused on improving product inclusion
and since launching in 2021, over 300 people have been trained.
RELX Annual Report 2022 | People 49

Health and safety In our Exhibitions business we have specific safety risks, including

2022 PERFORMANCE
Review safety risk assessment and
training modules to cover three working
models – office, home and hybrid
In the year, we reviewed various modes of working
post-pandemic. We moved to a new training provider to allow
each user to complete just one risk assessment based on a
Overview
working at height, heavy lifting and using forklifts. At UK-based
exhibitions we run accredited health and safety management
training for operational staff to ensure they can appropriately
respond to any incident.
Working across many different countries where health and safety
standards vary is a challenge in the events industry. Together with
peers, Exhibitions endorses the g-Guide which sets out standards
to safeguard the health and safety of people working at or visiting
an event or exhibition, and uses illustrations to reinforce key
points and overcome language barriers.

Market segments
personalised profile of their working arrangements, whether
that is working from home, the office or hybrid. The new 2022 H&S performance (frequency rate)
system is also linked to our global HR information system,
Workday, to improve efficiencies. We will expand a 2022 trial 0.1
across the UK and Netherlands and other geographies.

The importance of employee health and safety is emphasised 0.06

in the RELX Code of Ethics and Business Conduct and also
in the RELX Health and Safety Policy, both available on
www.relx.com. These documents commit us to providing 0.03

a healthy and safe workplace for all employees, as well as safe 0.02

Corporate Responsibility
0.01 0.01
products and services for clients. The CEO is responsible for
health and safety on behalf of the Board. 0
Good health and safety practice is reinforced through a network 2018 2019 2020 2021 2022

of Health and Safety Champions reporting to business area CEOs.

They receive support from health and safety managers and other
colleagues in the business, encompassing bimonthly calls, a 2022 H&S performance (lost time)
Health Resources page on our intranet site, and an annual Health cases by type
and Safety Champions meeting. We consult with employees
globally on health and safety through staff and works councils.
Adopting a risk-based approach, we have dedicated safety 20%
Manual handling/
committees at relevant locations that meet monthly (or as

Financial review
repetitive strain
needed) to review safety concerns and any incidents. 40% Slip trip fall
We provide tailored health and safety training to employees Use of tools
at higher risk of injury in the workplace, including warehouse, or equipment

facilities and sales employees who regularly lift or carry products.

In the US, we engage a third-party specialist to inspect locations 40%
that had high incident rates in the previous year. Locations outside
the US must follow local regulatory frameworks and we continue
to harmonise local reporting with our global health and safety Accident reporting covers 82% of employees
reporting guidelines.
We provide employee support following any incident. For example,

Governance
in the US, we work with a third-party resource to assign a nurse
case manager to each complex or severe claim, who works with
the employer, employee and treating physician to get an employee
back to health in the shortest possible time.
With many employees continuing to work from home, we ensured
regular communication to help employees understand the
importance of good posture, correct home set-up and positive
working routines. Increased home working and reduced travel
due to the pandemic resulted in significantly lower accidents in
the year. There were no work-related deaths reported in 2022.
other information
Financial statements and

2023 objectives By 2030

Inclusion – SDG 10 (Reduced Inequalities): Expand Women in Continued high-performing and satisfied workforce
Tech Mentoring programme with more pairings through talent development, D&I and well-being
Well-being – SDG 3 (Good Health and Well-Being): Relaunch
Fit2Win global employee fitness competition
50 RELX Annual Report 2022 | Corporate responsibility
Relevant
SDGs

Customers
We recognise that the growth and future of our company is dependent on
our ability to deliver information-based analytics and decision tools in a
sustainable way to customers.

Improving customer outcomes Elizabeth Crossick

Our goal is to improve outcomes for our customers by providing Head of Government Affairs,
information-based analytics and decision tools for professional EU, RELX
and business customers that benefit their daily work.
In 2022, electronic products and services accounted for
83% of revenue, up from 37% in 2006.

Editorial standards Artificial Intelligence (AI) has the

Maintaining the integrity of what we publish is vital to the trust of potential to transform lives,
customers and other stakeholders. Our Editorial Policy, available
to all staff (and publicly available on www.relx.com/corporate-
improve diagnostics and deliver
responsibility/engaging-others/policies-and-downloads), education. It’s exciting to be able to
makes clear our respect for human rights and encourages
pluralism of sources, ideas and voices.
use it as a force for good but with
To ensure the quality of scientific papers submitted to Elsevier,
opportunity comes responsibility.
primary research journals undergo peer review. This means that Our customers need to trust us, and
once received from an author, editors send papers to specialist to know that we are thoughtful and
researchers in the field. In most disciplines, this is done
anonymously. In some cases, the process is ‘double blind,’ where serious in how we deploy AI and that
both the reviewer and the author are anonymous, to limit bias is why our use of AI is governed by
based on an author’s gender, country of origin, academic status or
previous publication history. It may also help ensure that articles our responsible AI Principles.
written by renowned authors are considered on the content of
their papers, rather than their reputation.
In 2022, Elsevier launched the Peer Review Workbench
(PRW), a new tool for the growing field of research on research.
83%
In 2022, electronic products and services accounted for
Researchers and academics can use the platform to apply to
83% of revenue, up from 37% in 2006
access metadata for manuscripts in Elsevier journals in order
to run systematic analyses on peer review processes in different
disciplines at scale. The PRW aims to address the need
for further transparency in, and evidence-based studies on,
the journal editorial and peer review process, in pursuit of
continuous improvement for research, science and society.
In the year, Elsevier enabled the automatic sharing of peer review
metadata by offering a feed of peer review information from our
submission and peer review system Editorial Manager (EM) to
Open Researcher and Contributor ID (ORCID) after the peer
review process has been completed. ORCID is a not-for-profit,
cross-publisher organisation that enables transparent and
trustworthy connections between researchers, their
contributions, and their affiliations. It provides researchers
with a unique ID which they can connect with their professional
information. The peer review section on an author’s record
lists their peer review activities across journals and publishers,
a simple way to showcase their reviewing work to peers and
institutions. Data is supplied directly by participating publishers
and cannot be entered manually, which ensures data is reliable
and valid.
Read more about peer review at www.elsevier.com/
reviewers/what-is-peer-review
RELX Annual Report 2022 | Customers 51

Overview
2022 PERFORMANCE

Support of SDG 17 by publishing and

launching the RELX Responsible Artificial
Intelligence Principles
As data science and artificial intelligence (AI) are increasingly
applied across RELX to improve customer outcomes and
business processes, we have created the RELX Responsible
AI Principles to guide their use. These were published in 2022
and are publicly available at www.relx.com/corporate-

Market segments
responsibility/engaging-others/policies-and-downloads.
We also published a RELX position paper on AI to set out our
position on a number of public policy challenges related to AI,
and launched an address alongside the AI Principles which
anyone can use to provide feedback or raise queries:
ResponsibleAI@relx.com.
Publication of the AI Principles is an important aspect of being
responsible stewards of data, while supporting our customers
in making responsible decisions. They are being implemented
The RELX Responsible AI Principles
across our business areas. For example, the Responsible AI & enable teams throughout the solution

Corporate Responsibility
Data Science (RAIDS) team at Elsevier have trained over
50 RAIDS Champions in 2022, developed an algorithmic impact
lifecycle to create better customer
assessment and produced a self-service resource hub to assist outcomes and build trust.
team leaders in deploying the principles.
Emili Budell-Rhodes
Because AI is evolving at unprecedented speed and scale, the Lead Evangelist, Engineering Culture
AI Principles will be updated over time, based on colleague and LexisNexis Legal & Professional
customer feedback and experience, as well as industry and
legislative trends.

Digital knowledge and innovation:
advancing customer goals
Across RELX, we work to address customer challenges through
digital innovation.
Risk
ICIS, part of Risk, is a global provider of chemical and energy
market intelligence. In 2022 ICIS launched Supplier Carbon
Footprints to help companies measure, manage and identify
opportunities to reduce global supply chain emissions for
Financial review
Legal
In 2022, Legal enhanced Lexis+ with Fact & Issue Finder, a
practice-specific feature that enables legal professionals to build
legal strategies centred around the facts, issues and topics of their
case, allowing litigators to generate precise, actionable search
results and reducing time spent researching and compiling data
from multiple sources.
Developed using feedback from customer interactions, Fact
& Issue Finder mimics the processes that legal professionals
perform when researching cases, enhancing the research

chemicals and plastics with ground-breaking emission data by
supplier, plant, and product. Developed in partnership with
Carbon Minds, Supplier Carbon Footprints provides emissions
insights for 71 chemicals and plastics. Because emissions vary
widely between supplier, region and plant, the tool provides more
accurate findings than emissions calculated solely on a regional
or country basis. With Supplier Carbon Footprints, organisations
can clearly measure and compare the climate impact of their
supply chains.
Scientific, Technical & Medical
Elsevier continued to improve its flagship clinical reference
Governance
experience with the use of search and machine-learning
technologies, streamlined workflows and data visualisations.
A single search can gather case law, practical guidance,
verdicts and settlements, expert witness analytics, and unique
practice-specific content, with the aggregated information
displayed via an interactive dashboard.
Exhibitions
RX enhanced the power of its face-to-face events by launching
Emperia in 2022, its smart, contactless mobile app for fast
lead capture. Exhibitors can record visitors’ contact details
and interests by scanning their badge. They can also rate leads
other information
Financial statements and

solution, ClinicalKey, to further streamline access to evidence-
based information clinicians need to make informed decisions.
In addition to single sign-on access added in the year, its
auto-suggest capability was improved to include direct links
to books and journals to enrich the user’s search experience.
126 new topics were added to the clinical overviews feature,
medical topic synopses to assist in decision-making at the
point of care, bringing the total to over 1,500.
according to priority and download them in real time for faster
follow-up. At the 2022 PGA Show in Orlando, the industry’s biggest
annual golf business event, over three-quarters of exhibitors used
Emperia, generating over 40,000 connections. The average
number of leads was 97, and the highest over 600.
52 RELX Annual Report 2022 | Corporate responsibility
Responding to customer needs
Listening to our customers allows us to deepen our understanding
of their needs and drive improvements. We do this through regular
surveys, customer dashboards and feedback mechanisms. With
input from customer insight teams across our Company, we
calculated a RELX-wide customer satisfaction metric showing
that in 2022, 87.5% of customers would recommend working
with RELX.
Access to information
In Primary Research we offer two separate payment models for
our science and medical journals to suit author preferences:
pay-to-read articles funded by payments for reading made by
individuals or institutions; and pay-to-publish (commonly known
as open access) funded by payments for publishing made by
authors, their institutions or funding bodies, with the research
freely available to read by all upon publication. We offer a range
of pay to read and pay to publish options, both subscription-based
and transactional. Nearly all of our over 2,800 STM journals
enable open access publishing. We welcome debate in
government, academic and library communities regarding the
mechanisms by which scientific outputs should be openly
available and continue to create new access options together
with industry partners.
Our authors also have the option to make their accepted
manuscript available. In addition, we are a founding partner of
Clearinghouse for Open Research (CHOR) which enables public
access to funded research. CHOR utilises publishers’ existing
infrastructure for discoverability, search, archiving and
preservation of scientific and medical research articles, and it is
now integrated into the ScienceDirect platform. Furthermore,
members of the public can read Elsevier’s peer-reviewed content
2022 PERFORMANCE
Support of SDG 8 and SDG 16 by creating
tools to enable customer-facing staff to
share information about RELX and CR
During 2022, we launched a story summarising our approach
to CR with key performance information available to employees
and others at www.stories.relx.com/corporate-
responsibility-2021/index.html.
We have also worked with Elsevier’s Osmosis, an innovative
digital health education platform, on an engaging film to enable
our colleagues to discuss our focus on CR with customers and
peers. The focus is on articulating how CR underpins how and
what we do, beginning with our unique contributions as a
business, and what we can uniquely contribute to our
customers and society. It makes the link with the 17 UN SDGs
and highlights how we set, measure and report on annual and
longer-run ESG targets.
In the year, we also created a new SDG 16 (Peace, Justice and
Strong Institutions) gateway on the RELX SDG Resource Centre
which brings together examples of tools and projects across
the business that can help advance the Rule of Law.
See www.sdgresources.relx.com/sdg-goal-16-peace-
justice-and-strong-institutions.
through walk-in access at public and academic libraries around the
world. Our ScienceDirect platform is available to the public through
onsite user access from any participating university library or UK
public library via the Access to Research programme.
Providing access in countries with low resources is a priority for
us. Through Research4Life, more than 10,500 institutions in over
125 low-and middle-income countries receive affordable access
to up to 194,000 peer-reviewed resources. Elsevier is a founding
partner, providing around 15% of the content in Research4Life,
as well as access to our abstract and citation database Scopus.
Since the programme began, our trainers have run over 90
workshops for Research4Life librarians to ensure that they
are equipped to make effective use of the resources provided
through the programme. The Head of the Elsevier Foundation
and VP Corporate Responsibility, served as Vice Chair of the
Research4Life partnership from June 2020 to June 2022.
Bringing science into society
We work closely with journalists to ensure that research findings
are accurately and effectively communicated to the public, and
that authors receive credit for their work. A number of journalists
receive free access to all Elsevier publications via Elsevier’s Media
Access programme.
Researchers who published an outstanding peer-reviewed article
that has significantly impacted people’s lives around the world, or
has the potential to do so, are recognised with the Elsevier Atlas
Award. The articles are made freely available and translated into
everyday language, while author interviews are made public to
encourage the dissemination or implementation of their findings.
Content is linked to the SDGs and is featured on the RELX SDG
Resource Centre.
RELX’s strong commitment to
advancing SDG 16 is a spur to corporate
action on the transformational
governance needed to foster integrity,
fairness and inclusion.
Michelle Breslauer
Senior Manager, Governance & Peace, UN Global Compact
RELX Annual Report 2022 | Customers 53

We partner with the US National Library of Medicine on the Elsevier’s Health Education Systems Incorporated (HESI) Delivery

Emergency Access Initiative to provide temporary free access
to full text articles to healthcare professionals, librarians and
members of the public affected by disasters, providing essential
resources in times of emergency. The Elsevier information
centre on the novel coronavirus (SARS-CoV-2) and Covid-19 allows
researchers, clinicians and patients free access to early-stage
and peer-reviewed research on Covid-19. The Monkeypox
Information Centre is helping healthcare professionals navigate
outbreaks and includes evidence-based clinical resources,
including clinical overviews, patient education and drug
monographs; all content is freely available and regularly updated.
Overview
Operations team continued to work with HESI testing candidates
that register to take a HESI exam remotely via our remote
proctoring vendors. Since 2019, the team has processed more
than 600 candidate accommodation requests, ensuring that
these candidates have an accessible and inclusive experience.
In 2022, members of the Accessibility Working Group logged over
240 accessibility projects and Elsevier’s Global Books Digital
Archive fulfilled more than 3,300 disability requests, 87% of them
through AccessText.org, a service we helped establish. Elsevier
continued to enhance the accessibility of EPUB books by
partnering with Benetech to move toward Global Certified

Market segments
In the year, to aid Ukrainian researchers, Elsevier sponsored Accessible status. Additionally, we continued work towards
personal research support via a grant administrated by the providing fully inclusive journal articles and book chapters in
Polish National Academy of Sciences. We offer free resources PDF format.
to Ukrainian researchers via our Ukrainian Academic Support
We worked with disability services offices, procurement officials,
resource page where researchers can access waived and reduced
and instructors across the world to provide Voluntary Product
author publishing charges for open access journals and get
Accessibility Template (VPAT) and Accessibility Conformance
access to publishing resources on Researcher Academy. They can
Reports. Customers can also utilise the accessibility@relx.com
also register for free access to ScienceDirect, Scopus, and SciVal
inbox to connect with an accessibility expert and make VPAT and
as well as clinical resources such as ClinicalKey, Complete
report requests. In the year, LNL&P’s Accessibility UX team
Anatomy and Osmosis. To support Ukrainian journal editors, we
generated VPATs for 36 products (21 of them new). We also
worked with the Polish Academy and the Ukrainian Council of

Corporate Responsibility
offered a VPAT service package to help internal teams understand
Young Scientists to deliver a workshop, covering editorial skills,
where they rank against accessibility standards compared with
ethics, peer review and journal promotion.
other products.
Elsevier’s Library Connect programme, including a website,
In 2022, ScienceDirect marked the 21st anniversary of including
newsletter, events and online social media channels, as well as
people with disabilities in design and usability testing with a new
a new Library Connect Academy, provides library and information
study to improve the user experience for people with visual
science (LIS) professionals worldwide with opportunities for
impairments and launched new accessible features such as the
knowledge sharing. As of 2022, we have 60,000 LIS professionals
first open access video journal, ScienceTalks, with closed captions
globally subscribed to our Library Connect Newsletter,
and a fully accessible media player, the AblePlayer. Colleagues
a complimentary publication covering LIS best practices,
also released the first batch of accessibly tagged PDFs for 400
trends and technology. More than 28,000 people subscribed to
journal titles.
the Library Connect webinar channel and approximately 1,800

people attended live or recorded Library Connect webinars.
During 2022, the Library Connect website, containing articles,
infographics, videos and other resources, received over 30,000
visitors. The Library Connect website is currently ranked sixth in
the top 90 librarian blogs and websites for librarians by Feedspot,
a content aggregator for blogs and websites. Librarians and
researchers continued to enrol in Library Connect Academy
receiving training in a range of LIS fields.
Accessibility
Financial review
We promoted accessibility to outside companies and vendors
throughout the year. RELX accessibility teams partnered with
external content providers, including Highcharts, OAK, and
Pendo, to advance accessible solutions for public benefit. Elsevier
has collaborated with Highcharts for over seven years to
continually improve the accessibility of its widely used chart
library. In the year, we conducted research into scatter plots and
large data sets and experimented with sonification, tactile
displays and AI descriptions.
In 2022 we also celebrated the fourth RELX Accessibility
Leadership Awards to showcase employees who demonstrate

We strive to empower all people, including persons with
disabilities, by ensuring our products and services are accessible
and easy to use by everyone. Our commitment to accessibility is
embedded across RELX and advances our Inclusion Policy.
Governance
exceptional leadership in advancing accessibility, with winners
announced on the International Day of Persons with Disabilities.

240+
We follow the Web Content Accessibility Guidelines (WCAG
2.1 level AA).
We maintain an Accessibility Policy that highlights industry
standards and tools to embed accessibility into our products Accessibility projects logged by the Accessibility Working
and our business operations. We apply best practice from the Group
RELX Accessibility Policy across hundreds of digital products
and websites.

3,300+
other information
Financial statements and

Our Accessibility Policy is available on www.relx.com/

cr-downloads.
Elsevier’s Global Books Digital Archive fulfilled 3,383
Risk employees continued enhancing our A11yCAT tool to help
disability requests
developers address accessibility bugs in real time.
54 RELX Annual Report 2022 | Corporate responsibility

2022 PERFORMANCE

Support of SDG 10 by advancing cross-

business, on-demand accessibility training
In the year, accessibility training took place across the business
areas.
Elsevier continued its belting programme in 2022 with
37 employees completing 14 training modules to receive yellow
belts. Over the last five years, 244 Elsevier colleagues earned
yellow belt accessibility status, equating to over 6,000 hours of
training across 25 locations. The accessibility team launched
an introduction to web accessibility module in the year, as part
of the onboarding process for new technology hires, and
hosted an accessibility guild with a Slack accessibility channel
for over 300 members.
To equip teams to use inclusive design best practices in their
daily work, Elsevier ran inclusive design training sessions open
to anyone whose work touches product, content, or platform Project Empowerment is an
development. In 2022, over 190 employees participated,
including software engineers, content authors and product
important cultural change within our
managers. An Inclusive Design Toolkit also launched to provide organisation. By learning more about
practical tools that can be embedded into product workflows accessibility, it empowers our agile
to create more opportunities for inclusion.
teams, and leverages shared strengths
Legal conducted Project Empowerment training for teams
globally, with over 300 people taking part across 13 sessions through creative uses of technology
in 2022. Project Empowerment focuses on embedding and better understanding of social
accessibility throughout agile workflows and ensuring
products and services comply with applicable accessibility inclusion for people with disabilities.
laws and international standards to support those with Min Xiong
accessibility needs. Chief of Staff, User Experience, and Chair and Founder
of LexisNexis Enabled Disability ERG
LexisNexis Legal & Professional

2023 objectives By 2030

Customer engagement – SDG 17 (Partnership for the Goals): Continue to expand customer base across our four business
Strengthen Corporate Responsibility and sales team areas through excellence in products and services, active
engagement listening and engagement, editorial and quality standards,
and accessibility; a recognised advocate for ethical
Quality – SDG 8 (Decent Work and Economic Growth): Roll out
marketplace practices
AI Principles across the business
Accessibility – SDG 10 (Reduced Inequalities): Expand
Accessibility Champions model across RELX
RELX Annual Report 2022 | Community 55
Relevant
SDGs

Overview
Community
Contributing to our local and global communities is a responsibility and
an opportunity.

RELX Cares, our global community programme, supports

Market segments
employee volunteering and giving that makes a positive Ganesh Venkatesan
impact on society. In 2022, we made a gradual return to VP, Orders Renewals and
face-to-face volunteering and fundraising, while also Fulfilment and RELX Cares
continuing remote activities. Champion, Elsevier

The mission of RELX Cares is education for disadvantaged young

people that advances one or more of our unique contributions as
a business. Employees have up to two days’ paid leave per year for
their own community work. A network of over 240 RELX Cares I am passionate about giving back to
Champions ensures the vibrancy of our community engagement.
the community since I feel providing
In 2022, we held the 12th Recognising Those Who Care Awards to
education and healthcare to the

Corporate Responsibility
highlight colleagues who made outstanding contributions to their
community during the pandemic. The winners – eight individuals disadvantaged helps improve their
and two teams – each received a cash sum to donate to the charity
of their choice and were awarded additional volunteering days.
lives, society and the environment
Each September, we hold RELX Cares Month to celebrate our
in general.
commitment to our communities around the world. During the
Month, over 3,000 colleagues across the Company took part in
hundreds of volunteering and fundraising events.
During RELX Cares Month, colleagues engaged in activities
ranging from fitness challenges including Risk’s You Move,
240+
A network of over 240 RELX Cares Champions ensures the

Financial review
We Donate; Elsevier India’s visit to a primary school to distribute vibrancy of our community engagement
stationery items for low-income children; US legal colleagues
used Cares hours for beach clean-ups; and RX China colleagues
held a walkathon to support educational services for children The mission of RELX Cares is education for
with autism. disadvantaged young people that furthers
In the wake of the Russian war in Ukraine, we gave approximately one or more of our unique contributions
$1m, including to UNICEF, Red Cross, World Central Kitchen, as a business, including universal,
the LexisNexis Rule of Law Foundation, and Hope and Homes
for Children, to provide vital humanitarian assistance. We also
sustainable access to information.
provided refugee assistance and in-kind product access to people
affected by the conflict. Elsevier colleagues received three extra

Governance
RELX Cares day in order to volunteer for charities aiding Ukraine.

other information
Financial statements and
56 RELX Annual Report 2022 | Corporate responsibility

2022 PERFORMANCE

Continue to improve impact

measurement of our charitable donations
As part of our ongoing efforts to understand the impact of our
charitable contributions, in the year we explored how we can
better capture outcomes resulting from our giving. We used
the annual Business for Societal Impact (B4SI) Global
Benchmark, to which we contribute, as a reference point.
The Benchmark provides insight into global trends in
community investment and allows us to assess our
performance against other companies.
We expanded impact data we collected to encompass a
broader range of our giving and will widen it further in 2023.
Impacts included how grants allowed charities to improve
Measuring the impact of community
existing services or provide new ones, spend more time investment is vital to ensure that
with clients, and improve their external profile.
a company understands the
difference they are making to the
communities they are supporting.
Clodagh Connolly
B4SI Global Director

Giving In managing community involvement, we apply the same rigour

Our central donations programme aligns with the RELX Cares
mission. Employees serve as sponsors for charities seeking
funding, which must in turn indicate how they meet one or more
of RELX’s unique contributions as a business including protection
of society and reducing inequalities, advancing science and
improving health outcomes, furthering the Rule of Law and
access to justice and fostering communities.
RELX Cares Champions vote on the submissions using decision
criteria such as value to the beneficiary and opportunities for
staff engagement. In 2022, RELX Cares Champions donated
$250,000 to 22 charities supporting over 15,000 young people.
Projects included:
ƒ Creation of a children’s corner in a library in Zambia where
42% of the population are living in extreme poverty
ƒ Legal advocacy and education for low-income children and
families from underprivileged communities in Los Angeles,
USA
ƒ Improving learning for young people in rural India affected
by school closures during the pandemic
ƒ A weekly group intervention programme designed to support
pregnant and parenting teen girls in Philadelphia, USA
ƒ Providing girls in rural areas of Ghana with education in STEM
(science, technology, engineering and maths) education
ƒ A mentoring programme for at-risk young people in New South
Wales, Australia
as in other aspects of our business. Following the B4SI – formerly
LBG methodology - a global standard for measuring and reporting
corporate community investment, we conduct an annual Group
Community Survey with RELX Accounting Services and RELX
Cares Champions. It divides our aggregate giving into short-term
charitable gifts, ongoing community investment and commercial
initiatives of direct business benefit.
During the year, we worked with B4SI, where we are members,
to ensure we effectively apply the organisation’s methodology for
valuing in-kind contributions; B4SI subsequently assured our use
of the reporting methodology. The assurance statement is
available at www.relx.com/additional-cr-resources.
We donated £6.5m in cash (including through matching gifts),
and £15.7m in products, services and staff time in 2022. Some
36% of employees, despite continuing pandemic restrictions in
some locations, were engaged in volunteering through RELX
Cares. According to 2022 B4SI data, the average volunteering
rate was 21% for our sector and 7.3% for all sectors.
We continued to engage in skills-based volunteering, applying
business knowledge and expertise to benefit communities in the
year. For example, in the US, Legal colleagues volunteered over
1,100 hours to support the second cohort of the LexisNexis African
Ancestry Network and LexisNexis Rule of Law Foundation
Fellowship. Volunteers supported Fellows in areas such as editing
and content development and helped them publish their projects
in the journal, Increasing Equity in the Legal System.

The LexisNexis Rule of Law Foundation (LNROLF) continued work

with the Liberian charity, Agents of Positive Change, focused
on children’s rights and solving illiteracy. The LNROLF built on
an initial $10,000 RELX central donations grant with additional
employee contributions, which allowed a shipping container
to become a library for a rural Liberian village in 2021; in 2022,
in response to the local community’s changing needs LNROLF
worked with a US partner to train teachers and transform
the space into a school for 52 students.
RELX Annual Report 2022 | Community 57

Throughout 2022, we encouraged in-kind contributions, such as

Overview
product and equipment donations, aligned with our Product Jeffrey P Mladenik and Andrew Curry-Green
Donation Policy (available at www.relx.com/cr-downloads).
We also contributed over 146,000 books to Book Aid International
Memorial Scholarship
(BAI) and Books for Africa worth over $10m. In addition, 25 Risk
colleagues helped with preparing content for publication and
testing their new website.

Community involvement

2.5%

Market segments
14.7%
8.7%
32.5% Community investment
Charitable gifts
88.9%
Commercial initiatives
52.8%

As a lasting memorial to our colleagues Jeffrey Mladenik and

2022 2022 Andrew Curry-Green, who lost their lives on 9/11, we offer
Total Total
cost value scholarships in their name to children of eligible employees.
£12.3m £22.2m
Kira Young (left) is the daughter of Mani Young, VP Product
Management for Risk in Alpharetta, Georgia. At her high school,
Kira was the president of their chapter of the Family, Career and
What we contributed in 2022 (cost) Community Leaders of America, the National Honour Society

Corporate Responsibility
and Habitat for Humanity. She was an active member of a range
of societies and clubs including the Georgia School Boards
14.7% Association’s Youth Advisory Council, and she received a Human
Cash Services/Education School Student of the Year Award. Kira has
Time
In-kind created her own website focusing on Mental Health Awareness
called The Power of Okay. Kira is attending Emory University
52.8% in 2022.
32.5% Brennan Patterson (right) is the daughter of Brent Patterson,
a Technical Consultant for Risk in Springfield, Ohio. Brennan
graduated as valedictorian from her high school where she was
the president of the Leo Club, The National Honour Society and

Financial review
The Student Government. Brennan is an active fundraiser and
advocate for congenital heart disease (CHD), hosting charity
5k runs, and staff vs student volleyball games to raise funds for
Engagement Conquering CHD Ohio, she also succeeded in getting a CHD
awareness week recognised by the Mayor of Springfield. Brennan
Given the ongoing need to work remotely in many parts of the world
is attending Purdue University in Indiana where she is studying
in 2022, we continued to allow employees to use RELX Cares hours
psychology and forensics in the hopes of becoming a prosecutor.
to volunteer in creative ways, relaxing the requirement that they
only be used in connection with registered charities, and looked at
ways to encourage people to continue to volunteer.
In the year, we held our 17th RELX Cares Challenge to encourage

Governance
employees to use their two volunteer days to make a difference
and foster broader participation in the local community.
Colleagues from across the Company submitted ideas for new or
extended business-sponsored volunteer activities that fit the
RELX Cares mission and five were chosen by RELX Cares
Champions. Two winners were Elsevier Chennai, which won
$4,000 for the Hope Foundation to provide free English lessons
to primary school pupils and RX Ho Chi Minh which won $4,000 for
Go Vap District Association of the Blind which supports the visually
impaired to access education and employment.
We asked colleagues who used their RELX Cares hours to
other information
Financial statements and

record videos to encourage others to do the same. We used the

video clips for a launch film for our global RELX Cares Month
in September.
During RELX Cares Month, we resumed our Global Book Drive
competition encouraging colleagues to donate books for local
charities. Employees donated more than 2,500 books; Legal in
Paris collected the most books and won $500 for the charity of
their choice and the Risk office in Duluth collected the most books
per employee and won $1,000 for their chosen charity.
58 RELX Annual Report 2022 | Corporate responsibility

Impact
In accordance with the B4SI model, we monitor the short and
long-term benefits of the projects with which we are involved.
We ask beneficiaries to report on their progress to increase
transparency and engagement.
In addition, we survey RELX Cares volunteers on the impact
the programme has on their work via an automated survey
link following each volunteer activity. In 2022, we received over
15,000 responses; 90% of respondents said their motivation and
pride in the Company had increased as a result of volunteering.
88% said they had experienced a positive change in behaviour
or attitude as a result of volunteering.
In 2022, for the third year, we helped the Ban Ki-moon Centre
for Global Citizens empower 17 young African leaders through
their Global Citizen Scholarship Programme in association with
the University of Bordeaux and MCI Innsbruck. The scholars,
change-makers in their communities and beyond, developed SDG
micro-projects, using the RELX SDG Resource Centre as a source.
Projects undertaken by this year’s scholars addressed 11 different
SDGs and ranged from portable filtration systems in Ethiopia, a
climate-smart agricultural waste management system in Ghana,
to eco-friendly permeable pavers to mitigate urban heat islands
in Kenya.

2022 PERFORMANCE

Establish new strategic global fundraising

partnership
The RELX Cares Global Fundraising Partnership allows
us to make a significant, long-term positive impact by
collectively raising funds across RELX for a charity which
significantly benefits disadvantaged young people.
In 2022, we announced a new three-year partnership with
Save the Children. We have committed to raising $150,000
to support their work, which includes improving nutrition and
access to school meals; preventing child labour and child
marriage; and supporting children’s mental health. In 2021,
the most recent year for which data is available, their
endeavours reached approximately 43m children.
Colleagues will take part in local and global fundraising
Save the Children is delighted to be
events to help reach the target. named as RELX’s new global
We will also work with Save the Children on emergency fundraising partner. We are looking
response appeals. Since the partnership began in September
2022, we have made donations to support children affected
forward to working together to raise
by floods in Pakistan and Hurricane Ian in the US and vital funds to support our ambition
contributed to their Children’s Emergency Fund which allows to help keep children safe, healthy
them to respond to disasters around the world as they arise.
and learning, giving children around
the world the chance of the future
they deserve.
Caroline Whatley
Director of Partnerships, Save the Children UK

2023 objectives By 2030

Employee community engagement – SDG 17 (Partnership for Through our unique contributions, significant, measurable
the Goals): Create new opportunities to engage remote advancement of education for disadvantaged young people;
workers in RELX Cares investments with partners for maximum impact
Philanthropic giving – SDG 17 (Partnership for the Goals):
Undertake fundraising for Save the Children to help achieve
the three-year target of $150,000
RELX Annual Report 2022 | Supply chain 59
Relevant
SDGs

Overview
Supply chain
Our customers depend on us to provide them with ethically sourced and
produced products and services. Therefore, our suppliers need to meet
the same high standard we set for our own behaviour.

Market segments
Managing an ethical Kerri Dwars
VP Direct Procurement
supply chain RELX
RELX has a diverse supply chain with suppliers located in over
150 countries across multiple categories, including technology
(e.g. software, cloud, hardware and telecom), indirect (e.g.
consulting, marketing, contingent labour and travel), and direct
(e.g. data/content and production services, print/paper/bind
and distribution). An ethical supply chain provides
products and services utilising

Corporate Responsibility
Given the importance of an ethical supply chain, we maintain a
Socially Responsible Supplier (SRS) programme encompassing socially responsible and sustainable
all our business areas, supported by colleagues with expertise in
operations and procurement and a dedicated SRS Director from
sourcing and operations. Working
our global procurement function. with suppliers that align with our
Monitoring suppliers
ethical and environmental standards
We have a comprehensive Supplier Code of Conduct (Supplier
is critical to RELX and our customers.
Code), available on www.relx.com in 16 languages, which

16
we ask suppliers to adhere to and display prominently in the
workplace. It commits them to following applicable laws and

Financial review
best practice in areas such as human rights, labour and the
environment. It also asks our suppliers to require the same Our Supplier Code of Conduct is available in 16 languages
standards in their supply chains, including requesting
subcontractors to enter into a commitment to uphold the
Supplier Code. The Supplier Code states that, where local
industry standards are higher than applicable legal requirements, RELX supplier locations (% of supplier spend)
we expect suppliers to meet the higher standards. Our SRS
programme is a key aspect of our work to prevent modern slavery
and human trafficking in our supply chain as described below.
Through our SRS database, we track suppliers with whom
we spend more than $1m annually, suppliers identified as critical

Governance
Europe
by the business, and those located in medium and high-risk North America 29.3%
countries (as designated by our third-party developed supplier 59.9% Middle
East Asia &
risk tool) with a spend of more than $200,000 for the most recent 0.6% Pacific
8.6%
consecutive two-year period. The tool incorporates 11 indicators, Africa
0.7%

including human trafficking information from the US State

South
Department and Environmental Performance Index results America
0.9%

produced by Yale University and Columbia University in

collaboration with the World Economic Forum. In 2022,
80% of our global spend was risk assessed utilising the
supplier risk tool. Based on four quarters ending Q3 2022
other information
Financial statements and
60 RELX Annual Report 2022 | Corporate responsibility
The tracking list changes year-on-year based on the suppliers
we engage to meet the needs of our business and/or changes in
country risk designations within our third-party risk tool. In 2022,
there were 724 suppliers on the SRS tracking list, 54 of which
were in high-risk countries and 557 in medium-risk countries.
This increase in suppliers on our tracking list compared to 2021
(359 suppliers) was due to changes in risk country classifications,
which reduced the proportion of suppliers that are signatories
to our Supplier Code or have an equivalent code (87% in 2022
compared to 96% in 2021) although the number of tracking list
signatories increased significantly. We work with non-signatories
to gain agreement to our Code, and/or assess whether they have
equivalent standards in place. In 2022, there were 4,467
signatories to our Supplier Code, or have an equivalent code,
representing an increase of 22% from the 3,670 signatories
in 2021.
We engage a specialist supply chain auditor who undertook
119 external audits on our behalf in 2022: 28 onsite and virtual
onsite audits and 91 desktop audits. During a desktop audit, the
supplier responds to an online questionnaire and uploads relevant
supporting documents followed by a third-party auditor review.
For virtual onsite audits, facility representatives wear a video
and audio source located in a lightweight harness to allow
remote interaction with a qualified auditor. The auditor can then
evaluate the facility, conduct interviews, and review the necessary
documentation in real time, just as if conducting an in-person
audit. During an onsite audit, the auditor will select employees
from a full roster to interview (and may select employees on the
work floor during the facility walkthrough). Employee interviews
are private and confidential and facility management is not
allowed to be present. All information gathered from employee
interviews is anonymised. When the auditor communicates
non-compliance to facility management, they are not allowed
to disclose information which could identify the employee or
employees to avoid retaliation against them, which is forbidden
in the Supplier Code.
Incidents of non-compliance trigger continuous improvement
reports summarising audit results and remediation plans.
The audit covers critical dimensions of the Supplier Code such
as: labour (including child/forced labour, discrimination,
discipline, harassment/abuse, freedom of association, labour
contracts); wages and hours (including wages and benefits and
working hours); health and safety (including general work facility,
emergency preparedness, occupational injury, machine safety,
safety hazards, chemical and hazardous material, dormitory and
canteen); management systems (including documentation and
records, worker feedback and participation, audits and corrective
action process); environment (including legal compliance,
environmental management systems, waste and air emissions);
anti-corruption and data security. During 2022 audit locations
included Australia, Brazil, Bulgaria, Canada, China, Croatia,
Cyprus, France, Hong Kong, India, Ireland, Malaysia, Netherlands,
Nicaragua, Pakistan, Philippines, Poland, Romania, Singapore,
United Kingdom, United States and Vietnam.
To minimise the risks of deforestation in our production paper
supply chain, we utilise the Forest Sourcing module of The Book
Chain Project, a shared industry resource for sustainable paper
we helped establish, to assess the forest sources of our papers.
By year end 2022, 99% of RELX’s production paper was graded by
The Book Chain Project as known and responsible (sustainable)
sources or certified to FSC or PEFC.
In the year we held a RELX Supplier Session, inviting suppliers
from across the world to join us in a conversation exploring
supplier diversity and business and human rights. The session
featured speakers from the UN Global Compact on their Business
and Human Rights Accelerator and MSDUK, the UK’s leading
supplier diversity advocacy network.
Promoting human rights through the
Supplier Code
As stated above, the Supplier Code sets out expectations for
our suppliers’ ethical conduct.
In accordance with the UK’s Modern Slavery Act 2015, our Supplier
Code specifically prohibits participation in any activity related to
human trafficking, based on the American Bar Association’s
Model Business Conduct Standards to Eradicate Labor Human
Rights Impacts in Hiring and Supply Chain Practices.
In 2022, we updated our RELX Modern Slavery Act Statement
(MSA), available from www.relx.com, which states how we are
working to avoid human trafficking and modern slavery in our
direct operations and in our supply chain.
The Supplier Code stipulates that, where required by law,
suppliers will have employment contracts signed with all
employees and it requires mechanisms for reporting grievances.
It additionally contains a provision on involuntary labour that
states unequivocally that suppliers cannot directly or indirectly
use, participate in, or benefit from, involuntary workers, including
human trafficking-related activities. Suppliers have access to our
new Modern Slavery Awareness training, which we make
available to suppliers in 16 languages. In addition, we held training
for RELX employees with the Slave-Free Alliance on the nature
and forms of modern slavery, how to recognise signs and
indicators, and steps to take if a victim or incident is identified. We
did not receive any reports or audit findings which violated human
rights or the Modern Slavery Act in 2022.
The Supplier Code states, “Failure to comply with any RELX
term, condition, requirement, policy or procedure…may result
in the cancellation of all existing orders and termination of the
business relationship between RELX and supplier.” It further
states that suppliers must not tolerate any retaliation against any
employee who makes a good faith report of abuse, intimidation,
discrimination, harassment or any violation of law or of the
Supplier Code or who assists in the investigation of any such report.
119
Independent audits completed, including onsite,
virtual onsite and desktop
3.8%
US spend with Veteran, Minority or Woman-owned
businesses. In total, including spend with small businesses,
15.4% of US spend was with diverse suppliers
RELX Annual Report 2022 | Supply chain 61

Overview
2022 PERFORMANCE Supplier Code of Conduct signatories

Advance Supplier Diversity and Inclusion

5,000
Programme 4,467

3,670
3,457
We are committed to proactive engagement with suppliers 3,082 3,202
to ensure that our supply chain reflects the diversity of our
communities. In the year, we continued to focus on our US
supplier diversity programme while expanding outside of the
US. In 2022, 3.8% of our US spend was with Veteran, Minority
or Woman-owned businesses. In total, including spend with

Market segments
small businesses, 15.4% of US spend was with diverse
0
suppliers. We use an independent supplier diversity database 2018 2019 2020 2021 2022
to classify diverse suppliers.
Diverse-owned businesses interested in working with RELX
can register on the RELX Supplier Diversity Registration
Portal. While registration does not provide preferred Results
supplier status or guarantee of business, it provides visibility
2020 2021 2022
within RELX to potential opportunities. Find out more at Target Measure Actual Actual Actual
www.relx.com/corporate-responsibility/being-a-
Increase # of Total # of Code 3,457 3,670 4,467
responsible-business/supply-chain. suppliers as signatories
Code

Corporate Responsibility
Our supplier diversity and inclusion mission is to establish Total # suppliers on 412 359 724
and implement a sustainable Supplier Diversity and Inclusion signatories tracking list
programme that creates value by: % of suppliers on 91% 96% 87%
tracking list as Code
ƒ promoting the sourcing of goods and services from
signatories
high-performing, competitive diverse suppliers
Continue using # of independent 99 111 119
ƒ monitoring and measuring the Supplier Diversity and audits to ensure audits completed
Inclusion Programme effectiveness continuous Onsite/virtual 25 28 28
ƒ participating in outreach programmes/activities to improvement onsite
support diverse suppliers in supplier
Desktop 74 83 91
performance
We received recognition as a WEConnect 2022 Bronze Top and compliance Average overall

Financial review
Global Supplier Diversity & Inclusion Champion. Bronze level audit score (0-100)*
represents a commitment to global supplier diversity and Onsite/virtual 85 92 94
inclusion through inclusive spend, policies and procedures. onsite
Supplier diversity and inclusion was also featured during Desktop 33 60 56
RISE, our 2022 Employee Resource Group conference, to
Continue to % of total US spend 12.9% 12.9% 15.4%
highlight ways to engage diverse suppliers across RELX. advance the US with diverse
Supplier suppliers (Veteran,
Diversity and Minority,
Inclusion Woman-owned, and

4,467 724 Programme small businesses)

% of total US spend 2.8% 3.1% 3.8%

Governance
with diverse
Suppliers who have signed Suppliers tracked suppliers excluding
the Supplier Code or have an small businesses
equivalent code
* Average score for all audits scored within the year

94%
Average score for all onsite/
virtual onsite audits scored
in 2022; higher than our
external auditor’s global
87%
Suppliers on the tracking list
who were either signatories to
our Supplier Code or have an
equivalent code, covering 97%
other information
Financial statements and

average of 81% of the tracking list spend

62 RELX Annual Report 2022 | Corporate responsibility

ALIGNING WITH GOOD PARTNERS

KMS Technology
Consistently named in Best Places to Work, KMS Technology
and KMS Healthcare, global companies with deep roots in
Vietnam, have built a culture of nurturing client success
while upholding social responsibility through established
standards. As software development and consulting firms,
the KMS entities are dedicated to people-centric values in
their operations and communities.
KMS Technology has attained ISO 27001, an international
standard to manage information security. It also holds a good
manufacturing practice certification, which designates that
company products are produced in alignment with
quality standards.
With its focus on healthcare, KMS Healthcare supported
hospitals during the Covid-19 outbreak. Teams in Vietnam When KMS was founded over a
donated more than 175 ventilators to patients facing severe
medical conditions and 500 necessity packages with
decade ago, I wanted to ensure we
protective equipment to medical workers. would foster community well-being.
The KMS Gives programme annually pledges 1% equity, We have built company morale from
1% profits, and 1% time to its communities. KMS regularly
engages with non-profit partners such as 48in48, Fulbright
the top, and I could not be more
University Vietnam, and Per Scholas Atlanta to assist with proud of our teams for enforcing
website development, mentoring and educational initiatives, our company values while finding
consistently encouraging individual and team volunteerism.
self-fulfilment in their philanthropic
Despite economic uncertainties, KMS remains determined to
provide consistent global support to maximise the success of efforts across the globe.
its customers and partners while pursuing initiatives that can
Josh Lieberman
make the world a better place.
President and Co-Founder, KMS Technology

2023 objectives By 2030

Responsible Supply Chain – SDG 8 (Decent Work and
Economic Growth): Increase number of suppliers as Code
signatories; continue using audits to ensure continuous
improvement in supplier performance and compliance
Supplier Diversity – SDG 10 (Reduced Inequalities):
Advance Supplier Diversity and Inclusion Programme
Reduce supply chain risks related to human rights, labour, the
environment and anti-bribery by ensuring adherence to our
Supplier Code of Conduct through training, auditing and
remediation; drive supply chain innovation, quality and
efficiencies through a strong, diverse network of suppliers
RELX Annual Report 2022 | Environment 63
Relevant
SDGs

Overview
Environment
We work to increase the positive impact we have on the environment
through our products and services which provide essential insight and bring
stakeholders together, while also striving to reduce our environmental
footprint across our business and value chain.

Market segments
A positive environmental impact David van Rossem
We make a positive environmental impact through our products VP, Internal Climate
and services which inform debate, aid decision makers and Programme
encourage research and development. Elsevier
The CEO is responsible to the Board for environmental
performance; the CEOs of our business areas are responsible for
complying with environmental policy, legislation and regulations
and the CFO is our most senior environmental advocate. Our Sustainability is important for our

Corporate Responsibility
Global Head of ESG and Corporate Responsibility engages with
the Board on environmental issues and our Environmental business, because a company that
Champions network, led by the global environment manager, ignores environmental issues is
includes employees in key operational areas of the business. We
work with Environmental Champions and dedicated engineering, simply not future-proof. Having a
design and real estate specialists to improve efficiency wherever genuine commitment to climate
possible in our portfolio.
action is important to our colleagues,
In 2022, we continued our support of the Climate Pledge, aiming
to achieve net zero across all carbon scopes by 2040 at the latest.
investors and customers; it is a golden
Part of the UN Race to Zero, we have committed to measure and opportunity to continually operate
report greenhouse gas emissions, implement decarbonisation

Financial review
strategies for emissions reductions and address residual
more efficiently.
emissions with high-quality offsets. We offset the latter in Scope 1,
Scope 2 and Scope 3 (work-related flights, hotels, cloud
computing, home-based working and commuting), purchasing
offsets that met strict criteria and which are subject to
certification and reporting requirements. Details of
Group certification
to ISO14001 Environmental Management System achieved
our net zero transition plans are available on pages 67 and 74 .
in 2022
We support progressive environmental legislation and in 2022
continued our membership in the Aldersgate Group, an alliance
of leaders from business, politics and civil society, chaired by
74%
Governance
former UK Prime Minister Theresa May, that drives action for
a sustainable economy. In the year, we chaired a panel discussion
reduction in Scope 1 and Scope 2 (location-based) emissions
on engaging SME suppliers on carbon reductions at RX’s All
since 2010
Energy event in Glasgow, and became a member of the Net Zero
Supply Chains initiative with other companies and NGO partners
organised by Pineapple Partnerships.
We are a Taskforce for Climate-related Financial Disclosure
(TCFD) supporter and have expanded our TCFD disclosure
(see page 73) and remain signatories of We Are Still In, a network
of more than 3,900 businesses, universities, cities, states and
other organisations, committed to combatting climate change.
other information
Financial statements and
64 RELX Annual Report 2022 | Corporate responsibility

Our key environmental impact:

environmental knowledge
In creating our products and services we have an impact on
the environment in areas such as carbon emissions, energy
and water usage. But arguably bigger and more important is
our growing portfolio of environmental research, products
and services, which spread good practice, encourage debate
and aid researchers and decision makers. The most recent
results from Scopus show our share of citations in
environmental science represented 53% of the total market.
Risk
In 2022, ICIS launched their first hydrogen price assessments.
The ICIS European renewable hydrogen assessments are the Intelligize issued the results of an analysis on SEC comment
first structured to be compliant with European Union and UK letters to evaluate the SEC’s approach to corporate climate
government standards for producing renewable hydrogen, and disclosure. It found that before 2021, SEC action focused
provide market participants with confidence to make strategic on information which had not been included in a public
investment plans. disclosure, however from 2021, the focus shifted to accuracy
of reported information.
In the year, Cirium, our aviation analytics business, added new
carbon emissions capabilities to its comprehensive aircraft Exhibitions
fleet analysis solution, Fleet Analyzer. This expansion allows Held in Glasgow six months after the UN COP26 Summit,
lessors and other industry participants to consider the carbon Exhibitions’ All-Energy 2022 tradeshow showcased solutions
emissions of aircraft in their fleet decisions. for an array of renewable energy challenges. Over 500 speakers
took part in the free-to-attend conference, which featured
Cirium compiles one of the leading datasets on flight emissions.
contributions from Scotland’s First Minister Nicola Sturgeon
As fuel consumption is considered sensitive information and is
and COP26 President Alok Sharma. Alongside All-Energy,
not disclosed by airlines, Cirium developed a new methodology
Dcarbonise, supported by the Scottish government and
based on fuel-burn that factors in an array of variables,
Energy Saving Trust, offered end-users advice and technology
including actual flight time (which is more relevant than
to help them decarbonise their buildings, businesses and
distance in determining how much fuel was used) aircraft
transport systems.
model, aircraft age, engine type, number of seats, passenger
load, cargo load, weather, taxi time and runway idling or circling World Future Energy Summit (WFES), held in Abu Dhabi in
in the air. January 2022, spotlit five critical industries shaping
sustainability and driving investment globally. The Solar &
Scientific, Technical & Medical
Clean Energy, EcoWASTE, Water, Smart Cities, and Climate &
Elsevier organised a free-to-attend webinar series, Becoming
Environment forums featured more than 275 industry leaders,
Net Zero, which covered topics such as net zero pathways and
who shared their insights with Middle East investors, policy
carbon capture innovation.
makers, business leaders, project owners and technology
The Lancet issued their 2022 Lancet Countdown which tracks pioneers. Attendees could network, do business and share
the relationship between health and climate change across knowledge about issues critical to sustainable development.
43 indicators. The report found that in 2020 extreme heatwaves
Exhibitions’ World Travel Market has the largest responsible
were associated with 98m more people suffering from food
tourism programme of its kind in the world – an international
insecurity than the annual average between 1981-2010,
forum that aims to engage businesses, government, decision
and that weather conditions are increasingly leading to the
makers and others in spreading sustainable practices and
spread of infectious diseases such as Dengue Fever, the
ethical methods across the travel industry. Panel discussions
likelihood of which increased by 12% over the period.
on sustainable and future travel at World Travel Market London
To mark COP27 in Egypt, Elsevier produced a special issue on in November focused on the business case, and growing
climate change which was made freely available on the RELX customer demand, for responsible tourism; during the
SDG Resource Centre. The special issue contained over 110 programme, the 19th World Travel Market Responsible
book chapters and journal articles covering a range of key Tourism Awards recognised 26 businesses and destinations
issues and innovations, as well as an episode with Corey from 21 countries for having a responsible impact on tourism.
Peterson, Chief Sustainability Officer at the University of
Tasmania, Australia on the site’s World We Want podcast.
Legal
LexisNexis launched a new ESG microsite, based on the
LexisNexis Newsdesk platform, with more than 380
topics categorised to collate media reports including on
the environment.
In the UK, LexisNexis issued practice notes detailing legal
information and briefings on environmental topics such as the
2030 Climate and Energy Framework, planning, greenhouse
gas reporting and renewable energy.
RELX Annual Report 2022 | Environment
Environmental risks and
opportunities
The assessment, prioritisation and mitigation of environmental
risks are integrated into our overall company-wide risk
management process which considers current and emerging
risks to achieving RELX’s strategic goals. The Board assesses the
risk level and mitigation strategies and monitors implementation
by senior managers.
Our Environmental Champions network, together with colleagues
throughout the business, as well as external stakeholders such as
NGOs and investors, help us monitor and rank our environmental
risks and opportunities. They are reviewed quarterly by the
Environmental Checkpoint Committee, chaired by the CFO,
during the year.
Our Global Environmental Policy is available on www.relx.
com/cr-downloads and applies to all areas of the business and
states that we must consider, among other risks, those that
require legislative compliance, have significant cost implications
for the business and/or may affect our reputation. The Global
Environment Policy is supported by a global Environmental
Management System (EMS), certified to the ISO 14001
environmental standard.
We provide our facilities teams an online EMS Implementation
Pack containing documentation, training and audit materials to
aid the certification process. In 2022, we achieved Group
certification to the ISO 14001:2015 standard across the business.
The EMS covers the assessment of existing and emerging
regulatory requirements related to climate change, including
carbon pricing, taxes and additional reporting requirements.
Book donations: supporting education
While print is a relatively small portion of our revenue, we
must continue to minimise the impact of printed product.
We focus on techniques such as print on demand or print
run control to better match production to demand.
We donate excess product to charity partners such as
Book Aid International or Books for Africa to avoid waste
and benefit communities.
In 2022, RELX donated 146,000 books with a value of over
$10m to our charity partners.
Book Aid International
RELX has been a Book Aid International partner for over
30 years through regular book donations, financial support
and staff fundraising and volunteering. RELX donations of
medical books are critical to educating the next generation
of healthcare providers around the world.
In 2022, we donated 65,945 new higher education and
medical books, as well as a grant to help Book Aid
International and its partners create a Children’s Corner at
Mbala Library in Zambia. This will give local children a safe,
welcoming space where they can discover the joy of reading
and become readers. Librarians are also being trained to
support younger children and school students wishing to
use the space to study.
65
It includes transition and physical risks and has informed our TCFD
Overview
report, including transitioning to a lower carbon economy and risks
related to physical impacts of climate change. See page 73.
Green Teams, employee-led environmental groups representing
53% of employees in 44 key facilities, help us implement our EMS and
achieve environmental improvements at the local level. We are also
aided by consistent dialogue with stakeholders including employees,
government and NGOs. We participate in sector initiatives, such as
the Publishers’ Database for Responsible Environmental Paper
Sourcing (PREPS), part of the Book Chain Project, and further our
understanding through environmental benchmarking activities, such
as CDP, where we were scored B in the Climate Change programme
Market segments
and B in the Water Security programme.
Assessing our environmental impact
Although all our environmental impacts are important, we
prioritise climate change, minimising the use of natural
resources and waste from our own operations. Throughout
2022, we worked to reduce our direct environmental impact
by minimising the use of natural resources and efficiently
employing sustainable materials and technologies.
We consider upstream and downstream impacts as part of a
Corporate Responsibility
lifecycle approach to our operations. This includes risks related
to the forest sources and production of pulp and paper for our
printed products (see further information on page 71), while
opportunities include the donation of unsold or returned printed
products and IT equipment to development charity partners,
decreasing waste and increasing societal benefit, particularly
in less-developed nations. See page 70 for further details.
Third-party verification of our environmental data gives us
confidence in its reliability and improves our reporting.
Financial review
Governance
At a time when books and access to
information are needed more than ever, our
partnership with RELX in 2022 enabled us
to share the power of books with thousands
of the world’s most marginalised children
and adults. Thanks to RELX, we are
other information
Financial statements and
inspiring children to discover books
through our Children’s Corners project
in libraries, and ensuring medical
professionals have access to the books they
need to improve their knowledge and skills.
Alison Tweed, Chief Executive
Book Aid International
66 RELX Annual Report 2022 | Corporate responsibility

Climate change 2022 climate change performance

Our Climate Change Statement supports the scientific
community’s opinion that human activity is contributing to Absolute Scope 1 and Scope 2 emissions
climate change; we support the Paris Agreement’s intention
120,000
to limit climate change to 1.5°C. 97,152
92,925
The RELX Climate Change Statement is available at 85,528
www.relx.com/cr-downloads. 75,194
69,616

Changes to working preferences following the Covid-19 pandemic 53,740

tCO2e
have contributed to decreases in reported carbon emissions since 44,051
2020, with many of our people working from home or on a hybrid 37,270
basis, with more limited business travel. To show trends, we
report data over a longer time sequence.
In the year, we added the one events venue managed by RX 7,984 8,636 8,930 8,126 8,498 5,217 5,644 5,211
0
to our climate reporting. The venue was responsible for 2015 2016 2017 2018 2019 2020 2021 2022
approximately 3% of Scope 1 and Scope 2 (location-based) Scope 1
emissions in 2022. We have restated figures since 2015 to Scope 2 (location-based) emissions
include this space. See methodology notes for full details on
www.relx.com/additional-cr-resources.
We use the Radiative Forcing emissions factors provided by Intensity Scope 1 and Scope 2 emissions
the UK Department for Business, Energy and Industrial Strategy
20
for calculating business travel emissions which take into account
16.27
the full environmental impact of air travel, such as water vapour,
contrails and nitrogen oxide emissions. 13.48
11.63
Total Scope 1 emissions decreased by 8% in the year due to lower
tCO2e/£m revenue

10.04
levels of driving in the company car fleet. Car fleet emissions have 8.84
decreased 78% since 2010 and by 62% in overall Scope 1 emissions. 7.56
6.08
Scope 2 (location-based) emissions decreased by 15% in the year 4.36
due to office space consolidations, as well as lower power
consumption at our data centres.
1.34 1.25 1.21 1.08 1.08 0.73 0.78 0.61
0
Scope 3 business travel data covers all air travel booked and 2015 2016 2017 2018 2019 2020 2021 2022
collected through our travel provider, BCD. While resumption of
Scope 1
business travel in 2022 led to an increase in emissions over 2021, Scope 2 (location-based) emissions
since 2010, we have reduced travel emissions by 67%.

2022 Environmental Performance

Absolute performance Intensity ratio (absolute/£m revenue)

2021 variance 2022 2021 variance 2022

Scope 1 (direct emissions) tCO2e 5,644 -8% 5,211 0.78 -22% 0.61
Scope 2 (location-based emissions) tCO2e 44,051 -15% 37,270 6.08 -28% 4.36
Scope 2 (market-based emissions) tCO2e 8,321 8% 8,952 1.15 -9% 1.05
Total energy (MWh) 125,095 -6% 117,997 17.27 -20% 13.80
Water (m3) 183,575 -15% 156,734 25.34 -28% 18.33
Waste sent to landfill (t)* 150 -51% 73 0.02 -59% 0.01
Sustainable production paper (%) 98 1%pt 99 – – –
* From reporting locations only, excluding estimated data

Actual environmental data covers approximately 79% of occupied floor space based on electricity reporting. When we are unable to obtain reliable data, for example
from small serviced offices, we estimate energy consumption and water usage on actual data from our portfolio. In this way, our reported data covers all operations,
for which we have operational control for a 12-month period, December 2021 to November 2022.

Scope 2 (location-based) emissions are calculated using grid average carbon emissions factors for all electricity sources.

Scope 2 (market-based) emissions are calculated using supplier-specific carbon emissions factors (where available) for renewable energy purchases.
RELX Annual Report 2022 | Environment
Our Net Zero Commitment
As a signatory to the Climate Pledge, we are committed to
becoming net zero by 2040 at the latest. The main tenets of the
initiative, a community of more than 370 organisations working to
address climate change, is measuring and reporting greenhouse
gas emissions and implementing decarbonisation strategies for
significant emissions reductions.
Since 2010, we have reduced our Scope 1 and 2 location-based
carbon emissions by 74%. In the year, we submitted a carbon
target for verification to the Science Based Targets Initiative and
are awaiting their review. This aligns with the 1.5°C goal of the
Paris Climate Agreement and will require us to continue reducing
greenhouse gas emissions, maintain our internal carbon pricing
scheme, among other measures.
As stated, we compensated for emissions in Scope 1, Scope 2
and Scope 3 (work-related flights, hotels, cloud computing,
home-based working and commuting) by purchasing offsets in
2022 with investments in REDD+ forestry projects in Kenya and
Indonesia and a soil sequestration project in the United Kingdom.
We do not utilise offsets in our carbon performance reporting.
Road Map
RELX’s emissions are aligned with the 1.5°C pathway. We aim to
maintain this performance by pursuing further emissions
reductions in two primary ways:
1. Company operations: By setting and achieving science-based
reduction targets that bring us to net zero no later than 2040.
Read more about our carbon reduction targets and our carbon
performance on pages 66-72.
2. Value chain: By engaging with our suppliers on setting and
attaining their own science-based carbon reduction targets and
addressing emissions from other Scope 3 categories.
Read more about how we engage with suppliers on pages 59-62.
RELX will continue to advance wider action on climate change
through:
1. The continued development of leading-edge products, services
and events on climate change and net zero transition
2. Industry partnerships such as the Responsible Media Forum’s
Climate Pact and Net Zero Events, an initiative for the global
events industry
3. Climate advocacy supporting responsible climate-related
initiatives through organisations such as the United Nations
Global Compact, The Aldersgate Group, and RE100
4. Sharing climate knowledge with society through
offerings such as the free RELX SDG Resource Centre
www.sdgresources.relx.com
67
We will continue to advance our net zero efforts through an
Overview
internal carbon price payable by all business areas for Scope 1, 2
and select Scope 3 emissions. The current price is $30/tCO2e and
will increase over time.
Climate objectives are monitored by the RELX CR Forum,
chaired by the Head of Corporate Affairs, which meets twice per
year to agree and assess progress on ESG targets and objectives.
Read more about CR governance on pages 40-43.
Executive remuneration is linked to achieving environmental
targets including our Scope 1 and 2 carbon reduction target.
Read more about executive remuneration on page 126.
Market segments
Scope 3
In 2022, we continued to advance our understanding of our
Scope 3 emissions beyond business flights, identifying key
areas, refining our methodology and our direct engagement
with suppliers. We used the RELX CO2 Hub, an internal
analytics platform, to help quantify our Scope 3 emissions.
Supply chain (excluding business travel, cloud computing
services and events)
Corporate Responsibility
We estimated indirect supplier emissions through an
improved methodology by collecting data on key suppliers
to derive carbon intensity factors. The factors are then
extrapolated by spend category to cover our full supply chain.
Our supply chain emissions were approximately two times
larger than our total Scope 1, Scope 2 (location-based) and
Scope 3 (flights) emissions in 2022.
Cloud computing services
While RELX continues to undertake energy efficiency
projects at its own data centres, some of the energy and
carbon reductions at these facilities have been achieved by
Financial review
moving content to third-party cloud services. With data
provided by our primary IaaS cloud providers, we estimated
2022 market-based carbon emissions associated with all
cloud computing services provided to RELX to be
approximately 160 tCO2e, a significant reduction on previous
years as a primary supplier switched to renewable power.
Home-based employees
Using location-specific emissions factors and office
attendance data, we estimated emissions from home working
in the year to be approximately 12,000 tCO2e.
Commuting
Governance
Through RELX’s Environmental Standards programme,
locations are encouraged to develop a local travel plan.
Actions from travel plans include publishing information on
public transport links, promoting commuter loan schemes
and encouraging carpooling. Using daily refreshed office
attendance data, we estimated emissions in the year to be
approximately 4,000 tCO2e.
Events
RX has partnered with peers on Net Zero Carbon Events.
Launched at COP27 the initiative aims to develop
other information
Financial statements and
methodologies to quantify and reduce emissions associated
with the events industry. Attendance at one of our events can
replace the need for multiple business trips. We are looking
to better gather emissions data associated with an event’s
value chain, which we expect to be a sizeable component of
our Scope 3 emissions.
68 RELX Annual Report 2022 | Corporate responsibility

Energy Energy leadership

As our business predominantly occupies leased locations with few We are a member of RE100, a global initiative bringing together
opportunities for onsite generation, we rely on green tariffs and businesses committed to 100% renewable electricity.
renewable energy certificates (RECs) to purchase renewables
equal to 100% of our global electricity consumption. In 2022, RECs
were purchased from sources in Texas, including Peyton Creek
Wind Farm (pictured right).
Energy consumption at our offices decreased in 2022 due to
ongoing office space consolidation. Data centre energy decreased
in line with our long-term trend.
Energy use at our data centres is responsible for 39% of total
energy usage (offices account for 50% and warehouses 11%).
To advance data centre efficiency, we undertake hardware and
other upgrades and have dedicated engineering services.
We expect energy consumption at the event venue managed by
RX to increase in 2023, as in-person events continue to return.

2022 energy performance

59%
Energy consumption (Absolute)

250,000
218,459 Reduction in energy and fuels consumption since 2010
207,006
196,640 190,145
176,682

142,098
125,095
MWh

117,997

0
2015 2016 2017 2018 2019 2020 2021 2022
RELX Annual Report 2022 | Environment 69

Overview
RELX Environmental Challenge
2022 marked the twelfth year of the RELX Environmental
Challenge, focused on providing improved and sustainable
access to water and sanitation where it is presently at risk.
The $50,000 first prize winner was Caminos de Agua, a
Mexican organisation installing groundwater treatment
systems to remove harmful contaminants such as arsenic
and fluoride from groundwater supplies. The community of
Los Ricos (top right) have successfully adopted this low-cost,

Market segments
community-managed system.
The $25,000 second prize winner was MSABI’s True Life Water
Points. Based in Tanzania, the organisation has developed a
low-cost mobile phone-based insurance model to ensure the
maintenance of local water systems (bottom right),
particularly in remote regions.

Winning the RELX Environmental

Challenge gives us the resources we need

Corporate Responsibility
to scale our solution for removing arsenic
and fluoride from drinking water which
will benefit more than 10,000 people in the
next five years. It will also allow us to
create a model which government and
other actors can replicate in communities
facing similar water quality challenges
around the world.

Financial review
Dylan Terrell, Founder & Executive Director
Caminos de Agua

Water 2022 water performance

The majority of our sites use water from municipal supply and are
in developed countries with a high capability for water adaptation Water usage (Absolute)
and mitigation.

Governance
Our water usage decreased 15% between 2021 and 2022 due to 400,000
353,486 353,932 359,766 346,408 344,304
ongoing office space consolidation and reduced use of cooling
water at data centres.
We engage with internal water experts who produce water- 226,509
related content for our customers. In 2022, we offered customers
m3

183,575
35 peer-reviewed journals in aquatic sciences, including Water 156,734

Research.

68% 0
2015 2016 2017 2018 2019 2020 2021 2022
other information
Financial statements and

Reduction in water use from 2010 to 2022

70 RELX Annual Report 2022 | Corporate responsibility

Waste 2022 waste performance

Total waste generated by our locations increased by 8% in 2022,
primarily due to the partial return of employees to offices. Of Waste (all locations)
waste generated at all of our locations, 82% was recycled and
93% diverted from landfill through recycling, composting and
7% 9%
energy generation from waste. Of the waste produced at our 2%
reporting locations, excluding estimated data, 86% was recycled. Energy from waste
Recycling
Where reliable measurements are not available, we calculate Compost
waste based on weight sampling and by counting waste containers Landfill
leaving our premises. Although local municipalities most often
carry out sorting and recycling, we report all waste as going
to landfill unless we have robust evidence. For this reason,
performance against our recycling target is linked to our
82%
reporting locations.
We do not produce any material amounts of hazardous waste.
We also continued to work toward our target to reduce waste sent Waste (reporting locations)
to landfill from reporting locations. In the period, waste sent to
landfill from reporting locations, excluding estimated data,
2% 3% 9%
decreased by 51%.
Energy from waste
We work to reduce packaging waste from our physical products. Recycling
In the UK, we provide information on packaging waste in line with Compost
the UK government’s Producer Responsibility Obligations Landfill
(Packaging Waste) Regulations 2007. As a member of the Biffpack
compliance scheme, we report the amount of obligated packaging
we generate through selling, pack and fill and importation of
our products.
86%

Reporting locations are those from which we are able to capture primary data
and excludes estimated data. ‘All locations’ includes non-reporting locations,
such as serviced offices, where data is estimated.

A new life for old equipment

We dispose of defunct hardware and other electronic
waste according to local regulations and recycle only
if equipment cannot be reused.
In the year, we continued our partnership with Camara
Education to donate equipment to help disadvantaged
students. Camara Education refurbishes our donated
equipment which it uses to establish eLearning centres
at schools in Ethiopia, Kenya, Tanzania and Zambia.
Any equipment that cannot be refurbished is
appropriately recycled.
In 2022, Camara Education generated over £53,000 from
equipment donated by RELX, enough to fully equip eight new
eLearning centres and train teachers to use them effectively.
Our 2022 donations saved almost 600 tonnes of CO2 and kept The ongoing support we receive from
2,700kg of waste from going to landfill. RELX has helped enormously as schools
in Africa recover post Covid-19; it has
helped as we develop ambitious plans to
increase our impact, providing training
and resources to even more young
people in need.
Aidan Tallon
CEO, Camara Education
RELX Annual Report 2022 | Environment
Paper
The quantity of production paper purchased in 2022 decreased by
30% over 2021 and by 57% since 2010 as we deliver more of our
products online, reflecting a circular economy approach to
conducting our business. Some of this year’s decrease is also
attributed to the use of the new reporting tool, see below. 99% of
RELX production papers were graded in PREPS as known and
responsible sources or certified to FSC or PEFC. We continue to
reduce waste and the environmental impact of producing our
products through measures such as smaller print runs, litho over
digital printing, print on demand and lighter papers where
possible.
2022 paper performance
Sustainable production paper
99
96 98
100 92
90
%
0
2018 2019 2020 2021 2022
2022 PERFORMANCE
Launch new online reporting tool for
sustainable production paper
Printed products are responsible for 6% of revenues, a share
which has been declining as our digital product offerings grow.
The potential environmental impacts of paper use in our
products such as books or journals remains a focus area
for RELX.
In the year, we continued efforts to ensure the paper we use is
sourced from sustainably managed forests to eliminate the risk
of deforestation from our paper supply chain.
As members of the Bookchain Project we trace the forest
sources of the papers we purchase and restrict our supplier
to only those papers assessed as grade 3 or 5 (known and
responsible sources).
In 2022, we updated our Paper Policy to better support our 100%
sustainable paper target. We are committed to purchasing only
papers which are graded 3 or 5 in the Bookchain Project, or are
certified to FSC or PEFC.
71
Overview
Focus on sustainable paper
We are a founding member of the Bookchain Project’s paper
module (PREPS) and helped create the PREPS database
which identifies the pulps and forest sources of papers.
Each paper is given stars according to sustainability criteria:
one (unknown or unwanted material), three (known
and responsible), or five (recycled, Forest Stewardship
Council or Programme for the Endorsement of Forest
Certification certified).
The grading system was initially developed by PREPS
Market segments
member Egmont UK Ltd and sustainability consultants
Carnstone, along with input from Greenpeace and WWF.
The RELX Sustainable Production Paper Policy commits
us to purchase only sustainable papers - graded three or five
by Bookchain, or certified to FSC or PEFC.
In 2022, we used approximately 102 tonnes of office paper.
To reduce paper use at sites with higher consumption levels,
we have set specific targets.
Corporate Responsibility
Financial review
Our historic challenge has been in tracking the papers we use
across our supply chain. It resulted in papers that did not meet
our evidence criteria to be classed as sustainable. To overcome
this, in the year we developed an online paper reporting module
using the Ecometrica platform we use to track our
environmental data.
This allows suppliers to log in regularly to update details of the
Governance
paper they use, automatically verifying sustainability
credentials against the Book Chain Project ratings and paper
certifications. It also enables a more accurate classification of
papers to ensure reporting is scoped to papers used in the
production of our print products.
The new reporting regime resulted in quarterly performance
reporting allowing procurement managers to identify papers
which could not be proven sustainable, to liaise with suppliers
for more detail.
This new approach means 99% of the papers we purchase are
now rated as sustainable, with ongoing efforts to increase this
other information
Financial statements and
to 100% by 2025 in line with our target.
72 RELX Annual Report 2022 | Corporate responsibility

Targets and standards Environmental targets

Our focus is on delivering continuous improvement in our 2022
environmental performance year-on-year. We also set longer Focus area Targets – 2025 performance
term targets to reflect our ambition over time. Climate Reduce Scope 1 and 2 (location-
We set our carbon reduction target using the Science Based change based) carbon emissions by 46%
Target Methodology designed by CDP, the UN Global Compact, against a 2015 baseline -60%
the World Resources Institute and WWF. It aligns our carbon Energy Reduce energy and fuel consumption
reductions with those deemed necessary by climate scientists in of our locations by 30% against a
order to avoid the worst impacts of climate change. Performance 2015 baseline -46%
against the target is measured in Scope 1 and Scope 2 Energy Continue to purchase renewable
(location-based) emissions, which means no carbon has been electricity equivalent to 100% of
subtracted from our emissions (including for the renewable RELX’s global electricity
electricity we purchase). consumption 100%
Our carbon target applies to combined Scope 1 and Scope 2 Waste* Decrease waste sent to landfill from
(location-based) emissions as defined by the Greenhouse Gas reporting locations to 35% below
(GHG) Protocol. We continue to report on our indirect Scope 3 2015 levels -94%
emissions. See Climate change above for more information. Production 100% of RELX production papers to
paper be graded in PREPS as ‘known and
We set other targets for reducing energy and fuel consumption, responsible sources’, or certified to
increasing the amount of renewable electricity we purchase and FSC or PEFC by 2025 99%
decreasing the amount of waste we generate.
* From reporting locations, excluding estimated data.
In the year, the Risk Solutions Group Green Team held quizzes and
competitions focused on saving energy and reducing food waste,
single-use plastics and commuting emissions. The Elsevier
Environmental Achieve Group Group certification
Amsterdam Green Team planted the first trees for a biodiverse
management certification to the across the business
Elsevier forest in Overijssel, Netherlands. Colleagues around the
system ISO14001 standard achieved in 2022
globe made donations: for every tree Elsevier plants in the
across the business
Netherlands, another is planted in Uganda’s Kibale National
Park. Elsevier’s Climate Action Board advise on key actions 100% of new office RELX Sustainable
and initiatives. fit-outs to achieve RELX Fit-Out standard
Sustainable Fit-Out developed
We are a founding signatory to the Responsible Media Forum’s
standard by 2025
Media Climate Pact which requires signatories to set a
science-based carbon reduction target and commit to furthering Content Meet our responsibility Content to support
climate awareness and positive action through their content. under the Media climate awareness
Climate Pact to and positive action
As a signatory to the SDG Publishers Compact, we advocate for advance climate (see page 64)
climate action within our products and the content we publish. knowledge through
our content
We have reported on all emission sources required under the Companies Act 2006
(Strategic Report and Directors’ Report) Regulations 2013. We have included
emissions from all RELX operating companies. Environmental data covers 12 months
from December 2021 through November 2022.

We have used the GHG Protocol Corporate Accounting and Reporting Standard
(revised edition) and the data has been assured by an independent third party, EY.

2023 objectives By 2030

Environmental responsibility – SDG 12 (Responsible Further environmental knowledge and positive action
Consumption and Production): Review global car fleet through our products and services and, accordingly,
policies with the aim to move to more fuel-efficient vehicles conduct our business with the lowest environmental
impact possible
Carbon reduction – SDG 13 (Climate Action): Expand climate
risk assessment of products by the Climate Product
Working Group
RELX Annual Report 2022 | CR Disclosure Standards
CR Disclosure Standards 1
Taskforce on Climate-related Financial Disclosure (TCFD)
RELX makes the following disclosures, consistent with the
recommendations of the Taskforce on Climate-related
Financial Disclosure (TCFD) All Sector Guidance as required
by the Listing Rules (Disclosure of Climate-Related Financial
Information) (No 2) Instrument 2021.
I. Governance
a. Board oversight of climate-related risks and opportunities
This statement has been reviewed and approved by the Board.
The RELX Board oversees the internal controls and risk
management practices as described on page 88. In addition,
climate risk and opportunity is subject to our CR governance
processes, see pages 40-43. In the year, the Company’s approach
to managing its climate change risks and opportunities was
covered by the Board at multiple points including in discussions
with and papers from the Chief Financial Officer (CFO),
responsible to the Board for performance against climate targets;
the Head of ESG and Corporate Responsibility; and the Head of
Group Insurance and Risk, as part of the RELX Audit Committee
review of the Company’s risk management process.
The result of these undertakings is that the Board has found
climate change has no material impact on RELX’s business in the
short term and will be unlikely to have a significant impact in the
medium and longer term. This is based on the review of RELX’s
low sector exposure to climate change and consideration of
climate change by the business in its strategy, activities, policies,
annual budgets, and business plans, setting and monitoring of
performance objectives, major capital expenditures, acquisitions
and divestitures.
Moreover, this view is predicated on strong climate action by the
business in 2022 and over time to mitigate the effect of transition
and physical climate change risks as described in this statement
and in this report.
b. Management’s role in assessing and managing climate-
related risks and opportunities
Management in each business area is responsible for identifying
customer needs and developing relevant products related to
climate change. This ranges from launching and advancing
scientific journals with articles on climate change, energy
efficiency, and other climate-related topics; providing data and
analytics that support customers in reducing their environmental
impact; providing information and analytics on laws and
regulations related to the environment; and holding exhibitions
focused on renewable energy and low carbon solutions.
As RELX’s senior environmental champion, the CFO leads the
RELX Environmental Checkpoint Committee which sets strategy
and targets for measuring and reducing the group’s own
environmental impact. The group monitors performance
throughout the year, tracking emissions across all scopes and
performance relative to our target to reduce Scope 1 and 2
(location based) carbon emissions by 46% by 2025 against a
2015 baseline.
73
Overview
Management in each operational area support our environmental
Market segments
goals. They are responsible for ensuring the continuity of the
group’s operations, including resilience to events caused by
extreme weather events. The Business Continuity Forum brings
together specialists from across the group to identify risks,
assess continuity and incident response plans, learn from
incidents and spread best practice.
We recognise climate change intersects with other environmental
and sustainability issues. For this reason, climate change is also
considered by the RELX Corporate Responsibility (CR) Forum,
with oversight by the Head of Corporate Affairs, a member of the
Corporate Responsibility
executive committee, and led by the Head of ESG and Corporate
Responsibility. The CR Forum meets twice per year and comprises
more than 100 participants including function heads and business
area leads from across the Company.
Management is informed about climate-issues through quarterly
business climate reporting, the certified ISO14001 Environmental
Management System and by engagement with internal and
external networks.
II. Strategy
a. Climate-related risks and opportunities in the short,
Financial review
medium, and long term
While we are in a low carbon intensive sector, the Board and the
Environmental Checkpoint Committee continued to consider our
climate-related risks and opportunities based on the scenarios in
section c below. Examples of our findings for various timeframes
are outlined below. The long term time horizon aligns with the
timeframe of the Paris Climate Agreement and the medium term
with our ambition to achieve net zero by 2040.
Short (<10 years) – Transition risks: Policy and legal requirements
relative to climate change will continue to increase as they have
over the last six years requiring us to ensure adequate disclosure;
Governance
there will be increasing stakeholder pressure requiring us to
ensure our products and services help accelerate the green
transition for our customers in carbon intensive and other
industries. Physical risks: Variability in weather patterns and
more frequent extreme weather events mean we must advance
both mitigation and adaptation strategies, including through our
business continuity planning. See page 77 for further information
on TCFD risks.
Medium (10 to 20 years) – Transition risks: There will likely be
increased pricing of GHG emissions and enhanced reporting
obligations, particularly in areas like supply chain emissions;
other information
Financial statements and
reputational damage could result if we do not show medium-term
results for meeting our obligations as a signatory of The Climate
Pledge and similar initiatives. Physical risks: Gradual increase of
average temperatures will affect businesses we operate in some
locations more than others, so we are developing country and
local response plans; mean temperature rise will likely affect our
suppliers as well and we will continue our due diligence related to
exposure in our supply chain.
74 RELX Annual Report 2022 | Corporate responsibility
Long term (20 years +) – Transition risks: Stigmatisation could
result if our products and services are not seen as part of the
solution to climate change; this creates an opportunity for us to
increase offerings that support a lower carbon future. Physical
risks: Sea level rise will be varying but worse under the business
as usual scenario which will increase risk of business interruption
and damage to property; we recognise that this must be part of our
planning for the places where we will operate.
Risks and opportunities have been identified through the risk
assessment process, as described in Governance above and
detailed on pages 88-95, and through working groups such as
the Climate Product Group, CR Forum and other networks.
Our carbon action hierarchy is to first, reduce our carbon
emissions; second, to purchase increasing amounts of green
tariff energy as availability improves in global markets where
we operate; and third, to purchase certified renewable energy
certificates where necessary. Our performance reporting is
based on our gross emissions, and we also purchase high-quality,
verified offsets for residual emissions. We offset residual
emissions in Scope 1, Scope 2 and Scope 3 (work-related flights,
hotels, cloud computing, home-based working and commuting)
purchasing offsets that met strict criteria, and which are subject
to certification and reporting requirements. RELX is committed
to achieving net zero emissions following our carbon action
hierarchy across all scopes by 2040 at the latest, including
through our participation in The Climate Pledge, part of the
UN Race to Zero campaign.
b. Impact of climate-related risks and opportunities on our
business, strategy, and financial planning
In 2022, energy represented less than 1% of the RELX cost base.
Although energy costs, and associated carbon costs, may increase
substantially, the impact on RELX’s financial results is likely to
remain limited.
While we do not believe climate risk will have a material impact on
our revenue, there is careful review within the relevant businesses
to assess impacts of providing products and services that help
customers with their energy transition as traditional sector
activities may not be viable in the longer term.
While we will continue to advance our efforts to achieve net zero,
we do not believe they will have a material impact on RELX
financial planning as described in Governance above.
We are using the climate scenarios we outline below to inform
strategy and financial planning at both the Board and business
area level. One example is our work with finance and other teams
across the business to price carbon, which we raised to $30 tCO2e
in the year (which will increase over time). Proceeds will be used
for, among other measures, internal climate action projects where
possible. In the year, we began a cross-business review of climate-
related product risks. Printed and face to face products,
responsible for 17% of total revenue, face more exposure to risks
such as weather-related logistics disruption than do our digital
offerings; see Principal Risks on page 88.
We are factoring climate change into strategy planning for our
portfolio as our scientific research information, analysis of
environmental law, tracking of carbon and recycling markets,
among other products and services, becomes increasingly
important for our customers, investors and other stakeholders in
their own responses to climate change. A small proportion of
customers operate in carbon intensive industries, including
agriculture and aviation, and we are committed to supporting
them, and those in other industries, with their energy transition.
There are no technology-related dependencies in realising
opportunities to help customers reduce their carbon impact,
though new opportunities may arise as technology advances.
In Risk, products such as Cirium, which serves the aviation sector, is
deploying an improved methodology for calculating flight
emissions; helping airlines better plan and conduct maintenance of
their fleet to ensure efficient operation; and identifying flight routes
for maximum occupancy so emissions per passenger are lower.
Elsevier is working to support clean energy. In 2022, Elsevier
launched a free report titled Pathways to Net Zero: global south
research in the transition to clean energy. The books team further
implemented its Energy with Purpose mission statement to only
commission new content that advances the energy transition and
reduction of CO2 emissions. Leadership made the decision to
close one hydrocarbon journal and transition remaining titles with
updated aims and scope, explicitly calling for research related to
UN Sustainable Development Goal (SDG) 7, Affordable and Clean
Energy. Colleagues are recruiting editorial board members who
specialise in specific renewable technology areas and working to
increase global south representation. Elsevier’s Geofacets, which
provides geological and geophysical data to academic and
corporate customers, only added new content, features and
functionality that support the energy transition and other related
SDGs, including sustainable mineral mining projects essential for
renewable technologies such as battery and solar cells. The
remaining use cases focused on discovering efficiencies in
established energy projects rather than new fossil fuel
exploration.
LexisNexis Legal & Professional provides LexisPSL Environment
to help clients identify environmental liabilities, understand the
commercial implications of environmental law and keep track
of current developments with daily news feeds on new cases,
legislation, and consultations as well as practice notes, Q&As,
and legal precedents.
RX holds World Future Energy Summit, a portfolio of events
specifically designed to combat climate change, in line with the
United Nations Sustainable Development Goals (SDGs) and the
Paris Agreement. Ahead of Batimat, the world’s largest event
dedicated to building and construction, RX embarked on a Low
Carbon Construction Tour of 12 European and African cities to
raise awareness of low-carbon solutions for the construction
industry. Of the approximately 400 shows we organise, less than
5% are in carbon-intensive industries.
All RELX business areas are contributing content to the RELX SDG
Resource Centre which provides free access to news, research,
tools and events on the SDGs, including SDG 7 Clean and
Affordable Energy and SDG 13 Climate Action. The site also
incorporates relevant content from key partners, including the
UN Global Compact (UNGC). In support of COP27, we released
a climate change special issue on the free RELX SDG Resource
Centre, a curated list of 110 journal articles and book chapters
to inspire positive environmental action and further
climate research.
RELX Annual Report 2022 | CR Disclosure Standards
c. Resilience of the organisation’s strategy, taking into
consideration different climate-related scenarios,
including a 2°C or lower scenario
We have a threefold strategy to address climate-related risks:
1.Minimising our environmental impact through measures such
as energy efficiency, renewable energy, reducing waste and
other measures. This reduces our exposure to future legislation
and the rising price of carbon
2. Providing products and services which support customers
through their transition to a low-carbon economy. We anticipate
demand for these offerings to continue to increase over time
3. Supporting wider action on climate change through
collaboration, partnerships and initiatives such as the Digital
Impact of Media Project in conjunction with the Responsible
Media Forum, comprised of industry peers, and Bristol
University
The Board and the Audit Committee as part of robust risk control
measures covering our products and operations (including our
property portfolio and supply chain) ensures management of both
the transition and physical risks of climate change. The
Environmental Checkpoint Committee provides data on climate
change metrics and advice to the Board and also engages people
throughout the business. We gain and share best practice through
engagement with the UNGC, Race to Zero, Media Climate Pact,
Net Zero Carbon Events, and the Science-based Targets initiative,
among others.
We have considered three possible future scenarios and
estimated possible timeframes. They are not exact descriptions
of an expected future, but provide an outline description of each
based on certain assumptions. In scenarios where extreme
weather events occur more frequently, we may see increased
incidents that disrupt our operations, necessitating additional
measures, with some potential cost, to ensure our operational
resilience. However, in the context of RELX’s overall cost base,
we would not expect any such incremental cost to be significant.
We believe our strategy will be resilient even in the most
challenging future scenario.
Scenario 1: Business as usual (RCP 8.5). In this scenario, carbon
emissions continue to increase at current rates and temperature
increases exceed 4°C by the year 2100.
Short term: While some policies could be introduced to reduce
carbon emissions, action is limited. Some countries may price
carbon emissions and set standards for building and vehicle
energy efficiency.
Medium term: The availability of renewable energy may grow,
but the share of energy from fossil fuels will remain sizeable.
With this level of warming, extreme and severe weather events
will likely increase. Drought and increased precipitation will
impact agriculture. Severe storms will interfere with our supply
chains and logistics. The heightened need for innovation in
climate adaptation infrastructure may increase demand for
our environmental products and services for the scientific,
technical and other communities.
75
Long term: Rising sea levels will affect land use of coastal
Overview
and low-lying regions where we may have operations, requiring
investment to protect or relocate key Company facilities to
ensure business continuity. Significant government investment
will be required to mitigate the impacts, for example in
strengthening flood and coastal defences or securing reliable
water supplies, with follow-on effects for places where we and
future customers operate.
Political instability in some regions may increase as populations
compete for resources such as fresh water supplies and as large
numbers of people move from regions most heavily impacted by
climate change. Global economic uncertainty will likely become
Market segments
the norm, with limited growth at best and decline at worst.
There will likely be significant health impacts as well. As
impacts become more apparent, public sentiment may favour
organisations such as RELX that have taken action to limit
the impact of climate change.
We would continue to pursue measures such as science-based
carbon reductions, implementation of innovative technological
solutions, carbon sequestration and (re)forestation, but without
the catalyst of global government investment in these areas.
Scenario 2: 2°C climate change (RCP 2.6). In this scenario, carbon
Corporate Responsibility
emissions are halved by 2050 and climate change does not exceed
2°C by the year 2100.
Short term: Countries would introduce more challenging carbon
targets as they update their Nationally Determined Contributions
under the 2015 Paris Climate Agreement. A range of new policies
would most likely be introduced across many countries to control
carbon emissions including carbon pricing, higher standards on
building and vehicle energy efficiency, with increased renewable
energy generation in global power grids. Such developments will
be reflected in our policies and procedures, and could increase the
demand for our climate-related products and services.
Financial review
Medium term: There would likely be public and private
investment in greater carbon sequestration, capture and storage,
(re)forestation, and other measures – all of which would aid action
in these areas within our business.
Long term: The frequency of extreme weather events will increase
but not as much as under Scenario 1. There will still be disruption
to transport and logistics through storms, but sea level rise will be
more limited, as will costs we may face associated with adaptation
and mitigation projects. With reduced climate impacts, political
and economic instability will be lessened. Climate-related
Governance
migration will still be a factor but to a smaller degree than
anticipated under Scenario 1.
Scenario 3: 1.5°C climate change (RCP1.9). In this scenario,
to achieve a 66% chance of avoiding more than 1.5°C warming
by 2100, inclusive and sustainable development will be a key
consideration for policy makers with high levels of
international cooperation.
Short term: Emissions must peak in the early 2020s to achieve net
zero emissions by 2050, These ambitious carbon reductions would
be supported by new policies (with carbon prices reaching as
other information
Financial statements and
much or more than four times the price under the 2°C scenario)
and strong regulation.
76 RELX Annual Report 2022 | Corporate responsibility
Medium term: Buildings will be subject to tougher standards to
achieve carbon reductions of nearly three times those under the
2°C degree scenario. Energy costs and associated carbon costs
could be higher than in Scenario 1 or 2, but this is unlikely to have a
major impact for RELX as energy is not a significant part of our
cost base as indicated above.
The transport sector will see significant change, with the majority
of vehicles powered by alternative sources. Nature-based
solutions to climate change, such as forestation, are also likely
to play an important role. In this scenario, RELX efforts to reduce
emissions, seek technology-driven carbon solutions and the
pursuit of nature-based decarbonisation will be magnified.
Long term: By 2050, approximately 80% of global energy should
be from renewable sources. Use of coal will decrease significantly
and oil will drop to very low levels by 2060, which may impact
the energy costs paid by RELX. After 2050, technologies such
as bioenergy and carbon capture and storage will need to be
widespread to remove excess carbon from the atmosphere
to ensure emissions are net negative.
III. Risk management
a. Our processes for identifying and assessing climate-
related risks
The principal and emerging risks facing the business, which have
been assessed by the Audit Committee and Board, are described
on pages 88-95. The directors have considered the risk of climate
change to the business, including the positive contribution that
RELX makes through activities such as supporting academic
research, pricing recyclable materials, and enabling customers
to access our products electronically.
Climate-related risks are assessed as part of the RELX risk
management process. Risks are formally reviewed every six
months. Each risk is assigned a significance based on the potential
impact to revenue and the likelihood of that risk being realised.
As part of our Environmental Management System, climate risk
assessment covers transition and physical risks as described
above and below, and also includes the assessment of existing
and emerging regulatory requirements related to climate change.
These include carbon pricing schemes, taxes and additional
reporting requirements.
b. Our processes for managing climate-related risks
Climate change responsibilities are assigned to key roles,
including the CFO at the executive level. Performance is monitored
and evaluated throughout the year by the environmental
checkpoint group, chaired by the CFO, and new programmes are
introduced as required to control climate-related transition and
physical risks.
On legislative and product trends, we gain insights through our
Government Affairs teams, external fora such as the Aldersgate
Group, and ISO 14001 environmental certification of our EMS. We
speak with experts in the business, our climate-related employee
resource groups including Green Teams and Elsevier’s Climate
Board, and learn through industry specific networks such as the
Responsible Media Forum’s Climate Pact and cross-sector
networks like the CR and Sustainability Council of the Conference
Board, chaired by our Head of ESG and Corporate Responsibility.
The business continuity programme, under the direction of the
RELX Business Continuity Forum, oversees mitigations of climate
change physical risks on our operations through business
continuity plans which include remote working and detailed
employee information.
We mitigate potential climate-related risks on our supply
chain through supplier management practices in the Global
Procurement team, the Supplier Resiliency Working Group,
the Business Continuity Forum and the Socially Responsible
Supplier programme, which includes supplier engagement on
their activities and policies, and a risk-based programme of
supplier audits and remediation.
High-level net zero roadmap
RELX carbon emissions are in line with the reductions required
to ensure climate change of no more than 1.5ºC.
To achieve net zero across all Scopes by 2040 at the latest, we
are following a broad programme of action to achieve further
reductions. This will include developing products and services
that support the transition to a net zero economy, alongside
actions to reduce our emissions.
Short term
ƒ Continue office space consolidation in line with the working
preferences of colleagues
ƒ Migration from owned data centres to more energy efficient
third party cloud providers
ƒ Purchase of renewable energy equal to RELX’s global electricity
consumption
ƒ Continue to quantify and report on Scope 3 emissions from our
supply chain and value chain
ƒ Engage suppliers to adopt 1.5ºC aligned carbon reduction targets
ƒ Purchase of high quality carbon offsets to equal our residual
emissions
Medium term
ƒ Transition company car fleet to zero emission (e.g. electric)
vehicles
ƒ RELX renewable energy purchases in more markets
ƒ Encourage purchase of renewable energy by suppliers
Longer term
ƒ Purchase of carbon neutralisation offsets for residual
emissions
IV. Metrics and targets
We aim to provide additional insight into revenue from products
and services designed for a low carbon economy in subsequent
disclosures. Scope 1 + 2 (location-based) emissions reduction
targets and energy reduction targets are set out on page 72 of this
report. The remuneration of the CEO and the CFO is linked to the
achievement of environment targets. These included in 2022,
a key performance objective to reduce Scope 1 and Scope 2
(location-based) carbon emissions by 36% against a 2015 baseline,
with 60% achievement; to reduce energy and fuel consumption
by 25% against a 2015 baseline, with 47% achievement; and to
purchase renewable energy equivalent to 100% of RELX’s global
electricity consumption. See page 126 for further details.
In the year, we entered into a new $3bn committed bank facility
which has pricing linked to three ESG performance targets.
The cost of the facility is reduced if two or more ESG targets
are achieved in each year and increased if two or more ESG targets
are missed in each year. The targets relate to carbon emissions
reduction, as well as increasing the unique users of the RELX SDG
Resource Centre and increasing the content available on the
RELX SDG Resource Centre. See page 39.
RELX Annual Report 2022 | CR Disclosure Standards
TCFD Risks
We have considered climate-related risk areas detailed in the TCFD guidance as detailed below. While we do not believe climate-related
risks will have a material impact on our business, we have highlighted risks areas which present the most opportunity for us to support
the net zero transition.
Risk group Type Climate-related risk
Transition Policy and Increased pricing of GHG
risks legal emissions: The rapid transition
to a low carbon energy system
could require higher energy
prices and a higher carbon
price to disincentivise the use
of fossil fuels
Enhanced emissions-reporting
obligations: An increasing
number of governments are
likely to impose requirements
on business to achieve the low
carbon transition. New
requirements are likely to
include additional reporting and
transparency requirements for
GHG emissions
Mandates and regulation
affecting existing products and
services: New regulations may
be introduced for products to
support the transition to a
low-carbon economy
Technology Substitution of existing
products and services with
lower emissions options
Costs to transition to lower
emissions technology
Market Changing customer behaviour
Uncertainty in market signals
Increased cost of raw materials: RELX does not manufacture products from raw materials.
Low-carbon requirements on
the use, and distribution, of raw RELX via higher prices in our supply chain.
materials could lead to an
increase in their cost
Reputation Shifts in consumer preferences
77
Overview
Implication Opportunity
RELX has low exposure to energy and carbon pricing (less than There will be an increased need for
1% of total spend) and has achieved significant reductions in energy information on energy and carbon
consumption since 2010. For this reason, moderate to significant pricing; research on energy transition
increases in energy costs will have a limited impact on RELX. and zero carbon; and events which bring
stakeholders together to showcase
related technological innovation are
likely to increase the demand for
Market segments
RELX products and services.
RELX has processes in place for carbon reporting and disclosure As new regulations are introduced, there
aligned with various best practice frameworks. Additional will be a greater need for guidance; this
reporting requirements are expected to have insignificant could result in an increased demand for
financial implications. our risk, science, legal and other
Widespread introduction of different reporting regimes in the products and services.
countries where we operate could increase the risk of
non-compliance (and therefore the risk of fines). However,
RELX operates an environmental management system certified
to ISO14001 which requires a compliance assessment with
environmental legislation. This reduces the risk of non-
compliance with future reporting regulations.
RELX delivers products and service primarily in three ways: i) online/ New regulations on products will, in
digital; ii) printed products; iii) in-person events. Increasing regulation on many cases, be best addressed through
products in these areas could result in a increased cost for providing those industry collaboration. Our convening
Corporate Responsibility
products and services. power in the markets we serve can
Online/digital: Products served by RELX-owned data centres are covered support such industry collaboration.
by the purchase of renewable electricity and RELX’s net zero commitment.
RELX is engaging with Scope 3 suppliers for greater transparency on our
share of their carbon emissions and renewable energy.
Printed products: Revenue from printed products has decreased
significantly since 2010 as more product offerings are made online.
Paper used in RELX’s printed products complies with the RELX
Sustainable Paper Policy which requires all papers are from known
and sustainable sources and/or certified to a recognised standard.
In person: Exhibitions is part of an events industry initiative, Net Zero
Carbon Events, working to achieve net zero by 2040. This commitment
requires significant reductions in carbon emissions and partnerships
with other industries to minimise events-related emissions.
Financial review
A small proportion of our customers operate in carbon-intensive
industries, and less than 1% of the journals we produce specifically
cover content related to hydrocarbon; we continue to ensure they
focus on supporting relevant customers in their energy transition.
RELX has largely transitioned from printed physical products to Our products, services and events aid
online/digital products and services. This avoids the emissions the low-carbon transition benefiting our
associated with the manufacture and distribution of printed customers and society.
products but introduces emissions associated with the use of data
centres for the digital offerings.
RELX-owned data centres are covered by renewable electricity and
RELX’s net zero commitment. As described, we are engaging with
our cloud providers for greater transparency on carbon emissions
and renewable energy.
The cost implications for transitioning to new technology are Detailed energy and carbon market
primarily in our supply chain. insights we can provide through our
Governance
Printed products are manufactured and distributed by suppliers products, services and events will allow
on behalf of RELX. RELX engages its suppliers through the Socially companies to better assess the risks and
Responsible Suppliers programme and has processes in place for costs of transitioning to lower emissions
reporting on its supply chain-related emissions. technologies.
Significant increases to the cost of air travel due to the factoring in of The ability for an exhibitor or event
carbon charges may discourage business travel in favour of virtual attendee to maximise engagement by
meetings. This could lead to a reduction in the number of attendees attending one event, for example, with
at in-person events effecting our events business. We offer virtual customers, prospects, and suppliers,
attendance options and in-person participation allows exhibitors can become more valuable as the cost
and attendees to hold numerous meetings during one event. of travel increases.
As businesses take action to combat climate change, they might Businesses can develop new disclosures
need to change business models or practices to ensure their to effectively communicate plans with
success in a low-carbon economy. Some of these changes may raise stakeholders. The demand for our
questions for investors or other stakeholders and reduce visibility products which provide company and
other information
Financial statements and
of the business’s strategy. RELX provides detailed and transparent market insights could grow as investors’
disclosure on climate change to provide clarity to investors and requirements for reliable information
other stakeholders. and data increases.
Pricing insights in key supply chains such
An increase in the cost of raw materials would primarily impact as chemicals and plastics are provided
within our Risk business. If cost and
price volatility increases, there could
be a greater demand for such products
and services.
Business customers may become more aware of environmental While we do not produce consumer
concerns and expect a high standard of performance from products, we do serve a variety of
companies. Over time, this may lead to a decrease in demand industries and can support their efforts
for carbon intensive products as consumers move to low to decarbonise through our products,
emission alternatives. services and events.
78 RELX Annual Report 2022 | Corporate responsibility

Risk group Type Climate-related risk Implication Opportunity

Stigmatisation of sector:
Products and services offered
to carbon-intensive industries
could result in negative
public reaction
Increased stakeholder concern
or negative stakeholder
feedback: Poor performance
could result in negative
feedback from stakeholders
such as investors or colleagues
Physical Acute Increased severity of extreme
risks weather events such as
cyclones and floods: severe
weather could interrupt normal
business operations
Chronic Changes in precipitation
patterns and extreme variability
in weather patterns: Such
changes could affect
agricultural processes
Rising mean temperatures:
The gradual increase of average
temperatures is a factor of
climate change
Rising sea levels
We offer products and services across a wide range of industries,
some of which are carbon-intensive industries. We are working to
support these industries in their transition to a low-carbon economy.
RELX sets environmental targets on a five-year cycle and has a
science-based carbon reduction target which aligns its emissions
reductions with those required to meet the 1.5°C ambition of the
Paris Agreement.
RELX operates a comprehensive business continuity programme to
ensure colleagues can work remotely and be informed should a
location be impacted by severe weather conditions. This allows the
business to function despite the impact of the severe weather. As
risks associated with weather events increases, insurance
premiums paid by RELX could increase.
Printed products require supply of wood from sustainable forest
sources. Changes in precipitation and weather patterns could
disrupt the growth in forest sources known to be sustainably
managed which could increase the price of sustainable paper. RELX
has flexibility in the types of paper used and the forest sources of
these papers which allows purchases to be made elsewhere should
the need arise. As a member of the Book Chain Project, we assess
the sustainability of a large number of papers, allowing us to
consider alternatives.
Climate change will affect temperatures differently in different
locations. This means that, over time, the operation of some offices
will become less efficient as they may need to maintain physical
working conditions close to or outside the range for which they were
designed. This could lead to an increase in operational costs as more
energy will be required for cooling.
If sea levels rise significantly there is increased risk of property
damage to any RELX locations in low-lying coastal regions. This
could increase insurance premiums or disrupt the working
arrangements of colleagues in those locations. We have a
comprehensive business continuity programme in place to mitigate
such impacts and consider climate risk in the siting of our offices.
Industries which face the greatest
challenges in decarbonisation will need
support, information and tools. We will
continue developing new products and
services to assist these industries in
their decarbonisation efforts.
Maintaining good environmental
performance provides a reputational
benefit with our stakeholders,
including investors. Strong
environmental performance and
commitments may be reflected in
improved or lower cost financing.
We provide products that help to assess
and quantify insurance perils. As
insurance premiums increase, demand
for these products will likely grow as
insurance providers seek more accurate
weather-related risk assessments.
We offer products that use data analytics
to help increase the efficiency of land use
in areas such as water consumption and
fertiliser use. Demand for such products
could grow as a response to decreasing
yields due to weather.
Rising mean temperatures will require
government to review, and businesses to
implement, new building standards and
guidelines. Our business areas would
produce guidance to assist customers to
interpret associated new standards and
planning regimes.
We offer products that help to assess and
quantify insurance perils risk. As
insurance premiums increase, demand
for these products could grow.

CR Disclosure Standards 2
Sustainability Accounting Standards Board (SASB) disclosure
SASB Standards enable businesses around the world to identify, manage and communicate financially material sustainability
information to their investors. The SASB standards are industry specific and identify the minimal set of financially material
sustainability topics and their associated metrics for the typical company in an industry
SASB assigns RELX to the Professional and Commercial Services sector. The following disclosure is made according to the
SASB standard for that sector.

Topic Accounting metric Code Disclosure location

Data security Description of approach to identifying and addressing data SV-PS-230a.1 See page 42
security risks

Description of policies and practices relating to collection, SV-PS-230a.2 See page 42

usage and retention of customer information

(1) Number of data breaches, (2) percentage involving SV-PS-230a.3 Except as a matter of public
customers' confidential business information (CBI) or record, RELX does not disclose
personally identifiable information (PII), (3) number of this information for reasons of commercial
customers affected confidentiality

Workforce diversity and Percentage of gender and racial/ethnic group representation SV-PS-330a.1 See pages 46-47
engagement for (1) executive management and (2) all other employees

(1) Voluntary and (2) involuntary turnover rate for employees SV-PS-330a.2 See page 44

Employee engagement as a percentage SV-PS-330a.3 See page 44

Professional integrity Description of approach to ensuring professional integrity SV-PS-510a.1 See pages 40 and 43

Total amount of monetary losses as a SV-PS-510a.2 Except as a matter of public

result of legal proceedings associated record, RELX does not disclose
with professional integrity this information for reasons of commercial
confidentiality

Activity metrics Number of employees by (1) full-time and part-time, (2) SV-PS-000.A See page 44
temporary, and (3) contract

Employee hours worked, percentage billable SV-PS-000.B See page 44

RELX Annual Report 2022 | CR Disclosure Standards 79

CR Disclosure Standards 3

Overview
Global Reporting Initiative (GRI) Content Index
This report has been prepared in accordance with the GRI Standards: Core option
GRI Standard
Number GRI Standard Title Disclosure Title Page number

GRI 102 General Disclosures Name of the organization Title page

GRI 102 General Disclosures Activities, brands, products, and services 5-7
GRI 102 General Disclosures Location of headquarters 28

Market segments
GRI 102 General Disclosures Location of operations 7
GRI 102 General Disclosures Ownership and legal form 147
GRI 102 General Disclosures Markets served 7
GRI 102 General Disclosures Scale of the organization 7
GRI 102 General Disclosures Information on employees and other workers 44-49
GRI 102 General Disclosures Supply chain 59-62
GRI 102 General Disclosures Significant changes to the organization and its supply chain 59-60
GRI 102 General Disclosures Precautionary Principle or approach 63-77
GRI 102 General Disclosures External initiatives 33
GRI 102 General Disclosures Membership of associations 33
GRI 102 General Disclosures Statement from senior decision-maker 4
GRI 102 General Disclosures Values, principles, standards, and norms of behaviour 29, 40-41, 44-49

Corporate Responsibility
GRI 102 General Disclosures Governance structure 31, 40, 102-106
GRI 102 General Disclosures List of stakeholder groups 32-33, 109-112
GRI 102 General Disclosures Collective bargaining agreements 44-48
GRI 102 General Disclosures Identifying and selecting stakeholders 32-33, 109
GRI 102 General Disclosures Approach to stakeholder engagement 32-33, 109
GRI 102 General Disclosures Key topics and concerns raised 32
GRI 102 General Disclosures Entities included in the consolidated financial statements 162-165
GRI 102 General Disclosures Defining report content and topic Boundaries 28, 32
GRI 102 General Disclosures List of material topics 32
GRI 102 General Disclosures Restatements of information 31
GRI 102 General Disclosures Changes in reporting 31
GRI 102 General Disclosures Reporting period 31

Financial review
GRI 102 General Disclosures Date of most recent report 23/2/23
GRI 102 General Disclosures Reporting cycle Annual
GRI 102 General Disclosures Contact point for questions regarding the report 28
GRI 102 General Disclosures Claims of reporting in accordance with the GRI Standards 29
GRI 102 General Disclosures External assurance 56
GRI 103 Management Approach Explanation of the material topic and its Boundary 32, 72
GRI 103 Management Approach The management approach and its components 29-33
GRI 103 Management Approach Evaluation of the management approach 29-33, External assurance 56 and 80

Governance
other information
Financial statements and
THIS PAGE IS INTENTIONALLY BLANK
RELX Annual Report 2022 81

Overview
Financial

Market segments
review
In this section

Corporate Responsibility
82 Chief Financial Officer’s report
88 Principal and emerging risks

Financial review
Governance
other information
Financial statements and
RELX
82 RELX Annual Report 2022 | Financial review
Chief Financial Officer’s report

Revenue
Underlying revenue growth was 9%, with all four market segments
contributing to underlying growth. The underlying growth rate
reflects strong growth in electronic and face-to-face revenues,
partially offset by continued print revenue declines. Risk continued
to deliver strong growth, while both STM and Legal improved their
growth rates. Exhibitions saw a strong recovery in revenue.
Acquisitions and disposals together had a broadly neutral impact
on revenue, while exhibition cycling effects had a positive impact,
giving revenue growth at constant currency of 11%. The impact
of currency movements was to increase revenue growth by 7%.
Reported revenue including the effects of exhibition cycling and
currency movements, was £8,553m (2021: £7,244m), up 18%.
Profit
Underlying growth in adjusted operating profit was 15%, with
growth in each of Risk, STM and Legal in line with or ahead of
revenue growth, and the improvement in profitability in Exhibitions
reflecting the increased activity levels and a lower cost structure.
Acquisitions and disposals combined had a small negative impact
on adjusted operating profit growth, giving growth at constant
currency of 14%. Currency effects increased adjusted operating
profit by 7%.
Total adjusted operating profit, including the impact of acquisitions
and disposals and currency effects, was £2,683m (2021: £2,210m),
up 21%.
Revenue
£m
8,553
7,874
7,492 7,110 7,244
2018 2019 2020 2021 2022
In 2022, underlying revenue growth was
9% and underlying adjusted operating
profit growth was 15%, and adjusted
earnings per share grew at 10% at
constant currency.
Nick Luff, Chief Financial Officer
Operating costs on an underlying basis grew 9%, reflecting
investment in global technology platforms, the launch of new
products and services and the increased activity levels within
Exhibitions, partly offset by the benefits of continued process
innovation. Actions continue to be taken across the Company to
improve cost-efficiency. Total adjusted operating costs, including
the impact of acquisitions, disposals and currency effects, were
up 16%. This includes the benefit of lower unallocated central
costs and other operating items. Such items include foreign
exchange gains and losses related to translation of working capital
items into relevant functional currencies (see below).
The overall adjusted operating margin of 31.4% was 0.9 percentage
points higher than in the prior year. On an underlying basis,
including cycling effects, the margin improved by 1.2 percentage
points with portfolio changes reducing margins by 0.3 percentage
points and currency being neutral on margins.
Reported operating profit was £2,323m (2021: £1,884m) up 23%,
reflecting the increase in adjusted operating profit.
The amortisation charge in respect of acquired intangible assets,
including the share of amortisation in joint ventures, was £296m
(2021: £298m) including an impairment of £1m (2021: £13m).
Acquisition-related costs were £62m (2021: £21m), higher than
the prior year as a result of increased acquisition activity and the
absence of an offsetting gain (£27m) recognised in 2021.
Adjusted operating profit
£m
2,683
2,491
2,346 2,210
2,076
2018 2019 2020 2021 2022
RELX RELX
Annual Report 2022 | Chief Financial Officer’s report 83

Overview
Change
2021 2022 at constant Change
£m £m Change currencies underlying
Adjusted figures
Revenue 7,244 8,553 18% 11% 9%
Operating profit 2,210 2,683 21% 14% 15%
Operating margin 30.5% 31.4%

Market segments
Profit before tax 2,077 2,489 20% 13%
Net profit attributable to shareholders 1,689 1,961 16% 10%
Net margin 23.3% 22.9%
Cash flow 2,230 2,709 21% 13%
Cash flow conversion 101% 101%
Return on invested capital 11.9% 12.5%
Earnings per share 87.6p 102.2p 17% 10%
Dividend
Ordinary dividend per share 49.8p 54.6p 10%
Reported figures
Revenue 7,244 8,553 18%
Operating profit 1,884 2,323 23%

Corporate Responsibility
Profit before tax 1,797 2,113 18%
Net profit attributable to shareholders 1,471 1,634 11%
Net margin 20.3% 19.1%
Net debt 6,017 6,604
Earnings per share 76.3p 85.2p 12%
RELX uses adjusted and underlying figures as additional performance measures. Adjusted figures primarily exclude the amortisation of acquired intangible assets
and other items related to acquisitions and disposals, and the associated deferred tax movements. Reconciliations between the reported and adjusted figures are set
out on pages 216 to 224. Underlying growth rates are calculated at constant currencies, excluding the results of acquisitions until 12 months after purchase, and
excluding the results of disposals and assets held for sale. Underlying revenue growth rates also exclude exhibition cycling. Constant currency growth rates are
based on 2021 full-year average and hedge exchange rates.

Adjusted net interest expense was £194m (2021: £133m), with Adjusted operating profits, interest and taxation are grossed up
the increase reflecting higher average interest rates and currency for the equity share of interest and taxes in joint ventures. The

translation effects. The adjusted interest expense excludes the net
pension financing charge of £5m (2021: £9m).
Adjusted profit before tax was £2,489m (2021: 2,077m), up 20%.
Reported profit before tax was £2,113m (2021: £1,797m) up
18%, reflecting a net loss on disposals and other non-operating
items of £9m compared to a gain of £55m in the prior year,
mainly related to our ventures portfolio and the higher
acquisition-relate costs.
The adjusted tax charge was £530m (2021: £384m). The adjusted
effective tax rate was 21.3% (2021:18.5%). This excludes
movements in deferred taxation assets and liabilities related to
Financial review
application of tax law and practice is subject to some uncertainty
and amounts are provided in respect of this. Discussions with tax
authorities relating to cross-border transactions and other matters
are ongoing. Although the outcome of open items cannot be
predicted, no significant impact on profitability is expected.
The reported tax charge was £481m (2021: £326m), including tax
associated with the amortisation of acquired intangible assets,
disposals and other non-operating items. The UK corporation tax
rate will increase from 19% to 25% from 1 April 2023.
The adjusted net profit attributable to shareholders was £1,961m
(2021: £1,689m), up 10% at constant currency and up 16% after

goodwill and acquired intangible assets, but includes the benefit of
tax amortisation where available on those items. The 2021 charge
reflected the benefit of tax credits arising from the substantial
resolution of prior year tax matters.
Governance
changes in exchange rates. Adjusted earnings per share was up
10% at constant currency, and after changes in exchange rates
was up 17% at 102.2p (2021: 87.6p).

Adjusted operating profit margin Adjusted cash flow conversion

other information
Financial statements and

96% 96% 97% 101% 101%

31.3% 31.6% 30.5% 31.4%
29.2%

2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
84
RELX RELX Annual Report 2022 | Financial review

The reported net profit attributable to shareholders was £1,634m FREE CASH FLOW
(2021: £1,471m). Reported earnings per share was 85.2p
YEAR TO 31 DECEMBER 2021 2022
(2021: 76.3p). £m £m
Adjusted cash flow 2,230 2,709
Cash flows Interest paid (net) (118) (165)
Adjusted cash flow was £2,709m (2021: £2,230m), up 21% Cash tax paid* (342) (495)
compared with the prior period. The rate of conversion of Exceptional costs in Exhibitions (52) (25)
adjusted operating profit to adjusted cash flow was 101% Acquisition-related items (46) (54)
(2021: 101%). Free cash flow before dividends 1,672 1,970
Ordinary dividends (920) (983)
CONVERSION OF ADJUSTED OPERATING PROFIT INTO Free cash flow post dividends 752 987
CASH
* Net of cash tax relief on acquisition-related items and including cash tax
YEAR TO 31 DECEMBER 2021 2022 impact of disposals.
£m £m
Adjusted operating profit 2,210 2,683 RECONCILIATION OF NET DEBT YEAR-ON-YEAR
Depreciation and amortisation 487 491 YEAR TO 31 DECEMBER 2021 2022
EBITDA 2,697 3,174 £m £m
Capital expenditure (337) (436) Net debt at 1 January (6,898) (6,017)
Repayment of lease principal (net)* (76) (78) Free cash flow post dividends 752 987
Working capital and other items (54) 49 Net disposal proceeds 190 3
Adjusted cash flow 2,230 2,709 Acquisition cash spend (including
(262) (463)
Adjusted cash flow conversion 101% 101% borrowings in acquired businesses)
Share repurchases – (500)
* Excludes repayments and receipts in respect of disposal-related vacant
Purchase of shares by the Employee Benefit
property and is net of sublease receipts. (1) (50)
Trust
Capital expenditure was £436m (2021: £337m), including £400m Other* 28 (4)
(2021: £309m) in respect of capitalised development costs, Currency translation 174 (560)
reflecting sustained investment in new products. Capital Movement in net debt 881 (587)
expenditure was 5.1% of revenue (2021: 4.7%) and excludes Net debt at 31 December (6,017) (6,604)
pre-publication costs of £94m (2021: £73m) that were capitalised
as current assets and principal lease repayments under IFRS 16 * Distributions to non-controlling interests, pension deficit recovery payments,
leases, share option exercise proceeds.
of £78m (2021: £76m). Depreciation and other amortisation
charged within adjusted operating profit was £491m (2021: Total consideration on acquisitions completed in the year was
£487m) and represented 5.7% of revenue (2021: 6.7%). This £443m (2021: £255m). Cash spent on acquisitions was £460m
includes amortisation of internally developed intangible assets of (2021: £262m), excluding £3m (2021: nil) of borrowings in
£309m (2021: £295m) and depreciation of property, plant and acquired businesses and including deferred consideration of
equipment of £47m (2021: £52m) which combined represent £21m (2021: £19m) on past acquisitions and investments in
4.2% (2021: 4.8%) of revenue. joint ventures and associates and venture capital investments of
£66m (2021: £8m). Net cash inflow from disposals after timing
Interest paid (net) of £165m (2021: £118m) was higher due to
differences and separation and transaction costs was £3m
increases in interest rates compared to the prior year. Tax paid of
(2021: £190m).
£495m (2021: £342m) was lower than the current tax charge,
with the difference reflecting timing of tax payments. Share repurchases in 2022 were £500m (2021: nil) with a further
£150m repurchased in 2023 as at 15 February. In addition, the
In 2022, the cash outflow relating to Exhibitions exceptional
Employee Benefit Trust purchased shares of RELX PLC to meet
costs charged in 2020 was £25m (2021: £52m). Payments
future obligations in respect of share based remuneration totalling
made in respect of acquisition-related items amounted to £54m
£50m (2021: £1m). Proceeds from the exercise of share options
(2021: £46m).
were £26m (2021: £32m).
Free cash flow before dividends was £1,970m (2021: £1,672m).
Exchange rates
Ordinary dividends paid to shareholders in the year, being the
RELX undertakes transactions with its customers and suppliers
2021 final dividend and 2022 interim dividend, amounted to
through a range of currencies, and RELX subsidiaries have
£983m (2021: £920m). Free cash flow after dividends was
different functional currencies for accounting purposes. The key
£987m (2021: £752m).
currencies for RELX are the US dollar and the euro. While RELX
manages its exposure to different currencies through its hedging
and treasury strategies, year-on-year movement in exchanges
rates can have some effect on the financial results. In 2022,
changes in exchange rates, mainly the relative strength of the
US dollar, increased revenues by £543m and adjusted operating
profit by £167m. In 2022, unallocated central costs and other
operating items (as shown in note 2 to the financial statements on
page 169) deducted in arriving at adjusted operating profit includes
a charge of £24m from exchange rate movements from translation
of working capital items into relevant functional currencies.
RELX RELX
Annual Report 2022 | Chief Financial Officer’s report 85

Changes in exchange rates during the year increased net debt by
£560m (see below) and assets (net of other liabilities) by £987m,
with the net effect of these resulting in an increase in shareholders’
equity of £427m. Constant currency adjusted measures
presented by RELX exclude the effect of these year-on-year
exchange rate movements.
Overview
In May 2022, $500m of US dollar-denominated fixed rate term
debt was issued with a coupon of 4.75% and a maturity of ten
years. The Group has ample liquidity and access to debt capital
markets, providing the ability to repay or refinance debt as it
matures and to fund ongoing requirements.
Invested capital and returns

Funding
Debt
Net debt at 31 December 2022 was £6,604m, an increase of
£587m since 31 December 2021. The majority of our borrowings
are denominated in US dollars and euros, and as sterling was
weaker against the US dollar and euro at the end of the year, our
net borrowings increased when translated into sterling. Excluding
currency translation effects, net debt increased by £27m.
Expressed in US dollars, net debt at 31 December2022 was
$7,991m, a decrease of $132m.
Gross debt of £6,730m (2021: £6,167m) is comprised of bank
Market segments
Net capital employed was £11,089m at 31 December 2022
(2021: £9,810m), an increase of £1,279m with £1,077m of the
increase due to changes in exchange rates. The carrying value
of goodwill and acquired intangible assets increased by £1,058m.
An amount of £125m (2021: £156m) was capitalised in the year
in respect of acquired intangible assets and £269m (2021:
£131m) was recorded as goodwill. These additions were offset
by amortisation and impairment of acquired intangible assets.
SUMMARY BALANCE SHEET
AS AT 31 DECEMBER 2021 2022

Corporate Responsibility
£m £m
and bond borrowings of £6,548m (2021: £5,959m) and lease Goodwill and acquired intangible assets* 9,419 10,477
liabilities under IFRS 16 of £182m (2021: £208m). The fair value Internally developed intangible assets* 1,251 1,435
of related derivative liabilities was £213m (2021: net assets of Property, plant and equipment*,
£35m), finance lease receivables totalled £5m (2021: £2m) right-of-use assets* and investments 504 557
and cash and cash equivalents totalled £334m (2021: £113m). Net pension obligations (269) (55)
In aggregate, these give the net debt figure of £6,604m Working capital (1,095) (1,325)
(2021: £6,017m). Net capital employed 9,810 11,089
The effective interest rate on gross bank and bond borrowings * Net of accumulated depreciation and amortisation.
was 2.9% in 2022 (2021: 2.0%). As at 31 December 2022, gross
bank and bond borrowings had a weighted average life remaining The net pension obligations (i.e. pension obligations less pension
of 4.4 years and a total of 58% of them were at fixed rates, after assets), as measured on an accounting basis, decreased to

taking into account interest rate derivatives. The ratio of net debt
(including pensions) to EBITDA (adjusted earnings before
interest, tax, depreciation and amortisation) was 2.1x (2021:
2.4x), calculated in US dollars. Excluding pensions, the ratio was
2.1x (2021: 2.3x). The reduction in these leverage ratios reflects
the growth in earnings and EBITDA in the year.
Liquidity
During April 2022, the Group’s undrawn committed bank facilities,
maturing in 2023 and 2024, were cancelled and replaced with a
new $3bn facility maturing in April 2025. This committed facility,
which provides security of funding for short-term debt, is
undrawn. The new facility does not include a financial covenant
Financial review
£55m (2021: £269m). The decrease in the net obligation balance
is due to rising interest rates which has resulted in higher discount
rates being applied to value future pension obligations. There was
a positive accounting balance (i.e. pension assets less pension
obligations) of £127m (2021: £8m negative balance) in respect
of funded schemes, which were on average in excess of 100%
funded at the end of the year on an IFRS basis.
The post-tax return on average invested capital in the year was
12.5% (2021: 11.9%). The increase is largely due to growth
in adjusted operating profit, partly offset by a higher effective
tax rate.

Governance
(the previous facility included a covenant limiting the ratio of
debt to EBITDA). The facility has pricing linked to three ESG
performance targets.

RELX term debt maturities at 31 December 2022 Return on invested capital

$m
other information
Financial statements and

1,285 13.2% 13.6%

11.9% 12.5%
950 1,036 10.8%
850 819 803 857 750
736

0 7

2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 >2032 2018 2019 2020 2021 2022

Term debt translated at 31 December 2022 exchange rates, stated at par value
86
RELX RELX Annual Report 2022 | Financial review

RETURN ON INVESTED CAPITAL

Alternative performance measures
AS AT 31 DECEMBER 2021 2022
£m £m RELX uses a range of alternative performance measures (APMs)
Adjusted operating profit 2,210 2,683 in the reporting of financial information, which are not defined by
Tax at adjusted effective rate (409) (571) generally accepted accounting principles (GAAP) such as IFRS.
Adjusted effective tax rate 18.5% 21.3% These APMs are used by the Board and management as they
Adjusted operating profit after tax 1,801 2,112 believe they provide relevant information in assessing the Group·s
Average invested capital* 15,108 16,920 performance, position and cash flows, enable investors to track
Return on invested capital 11.9% 12.5% more clearly the core operational performance of the Group, and
provide a clear basis for assessing RELX’s ability to raise debt and
* Average of invested capital at the beginning and the end of the year, invest in new business opportunities.
retranslated at average exchange rates for the year. Invested capital is
calculated as net capital employed, adjusted to add back accumulated Management also uses these financial measures, along with IFRS
amortisation and impairment of acquired intangible assets and goodwill and financial measures, in evaluating the operating performance of
to exclude the gross up to goodwill in respect of deferred tax, and to add the Group as a whole and of the individual business areas. These
back exceptional restructuring costs.
measures should not be considered in isolation from, or as a
substitute for, financial information presented in compliance with
Dividends and share repurchases IFRS. The measures may not be directly comparable to similarly
2021 2022 reported measures by other companies.
£m £m Change
Adjusted earnings per share 87.6p 102.2p 17% Reconciliations of adjusted measures are set out on pages216
Reported earnings per share 76.3 85.2 12% to225.
Ordinary dividend per share 49.8p 54.6p 10%
Accounting policies
The final dividend proposed by the Board is 38.9p per share.
This gives total dividends for the year of 54.6p (2021: 49.8p), The consolidated financial statements are prepared in
10% higher than the prior year. accordance with UK adopted International Accounting Standards
in conformity with the requirements of the Companies Act 2006
Dividend cover, being the number of times the total interim and and International Financial Reporting Standards (IFRS) as issued
proposed final dividends for the year is covered by the adjusted by the International Accounting Standards Board (IASB) following
earnings per share, is 1.9x (2021: 1.8x). Dividend cover by the the accounting policies shown in the notes to the financial
reported earnings per share is 1.6x (2021: 1.5x). The dividend statements on pages 162 to 211. The accounting policies and
policy of RELX PLC is, over the longer term, to grow dividends estimates which require the most significant judgement relate
broadly in line with adjusted earnings per share, while targeting to the identification of separate intangible assets on acquisition,
cover of at least two times. the capitalisation of development spend, taxation and accounting
for defined benefit pension schemes.
During 2022, a total of 21.7m RELX PLC shares were
repurchased at an average price of 2,303p. Total consideration Further detail is provided in the accounting policies on pages 167
for these repurchases was £500m. A further 2.2m (2021: 61,040) and 168 and in the relevant notes to the accounts.
shares were purchased by the Employee Benefit Trust. As at
31 December 2022, total shares in issue, net of shares held in Tax Principles
treasury and shares held by the Employee Benefit Trust,
amounted to 1,909.5m. A further 6.3m shares have been Taxation is an important issue for us and our stakeholders,
repurchased in 2023 as at 15 February. including our shareholders, governments, customers, suppliers,
employees and the global communities in which we operate. We
Distributable reserves and parent have set out our approach to tax in our global tax strategy. This
incorporates our Tax Principles along with additional disclosures
company balance sheet around where we pay taxes and our broader contribution to
society. This is all made publicly available on our website:
As at 31 December 2022, RELX PLC had distributable reserves
www.relx.com/go/taxprinciples. We maintain an open dialogue
of £6.5bn (2021: £7.0bn). In line with UK legislation, distributable
with tax authorities, and are vigilant in ensuring that we comply
reserves are derived from the non-consolidated RELX PLC
with current tax legislation. We have clear and consistent tax
balance sheet. The consolidated reserves reflect adjustments
policies and tax matters are dealt with by a professional tax
such as the amortisation of acquired intangible assets that are
function, supported by external advisers. We proactively seek
not taken into account when calculating distributable reserves.
to agree arm’s-length pricing with tax authorities to mitigate tax
The parent company balance sheet net assets are higher than risks of significant cross-border operations. We actively engage
those of the group due to the investment in RELX Group plc with policy makers, tax administrators, industry bodies and
being carried at a value of £18bn which is not reflected on the international institutions to provide informed input on proposed
consolidated balance sheet. The parent company balance sheet tax measures, so that we and they can understand how those
can be found on page 208. Further information on the distributable proposals would affect our business. In addition, we participate in
reserves can be found in the parent company financial statements consultations with the Organisation for Economic Co-operation
on page 209. and Development (OECD), European bodies and the United Nations.
RELX RELX
Annual Report 2022 | Chief Financial Officer’s report
Treasury policies
The Board of RELX PLC agrees policies for managing treasury
risks. The key policies address security of funding requirements,
the target fixed/floating interest rate exposure for debt and foreign
currency hedging and place limits on counterparty exposures.
A more extensive summary of these policies is provided in note 17
to the financial statements on pages 189 to 194. Financial
instruments are used to finance the RELX businesses and to
hedge transactions. The Group’s businesses do not enter into
speculative transactions.
Liquidity management
The capital structure is managed to support RELX’s objective
of maximising long-term shareholder value through appropriate
security of funding, ready access to debt and capital markets,
cost-effective borrowing and flexibility to fund business and
acquisition opportunities while maintaining appropriate leverage
to ensure an efficient capital structure.
Over the long-term, RELX seeks to maintain cash flow conversion
of 90% or higher and credit rating agency metrics that are
consistent with a solid investment grade credit rating. These
metrics, as defined by the rating agencies, include net debt to
EBITDA, including and excluding pensions, and various measures
of cash flow as apercentage of net debt. Further detail on liquidity
management is provided on pages 189 and 190.
Capital management
RELX uses the cash flow it generates to fund capital expenditure
required to drive organic growth, to make selective acquisitions
and to provide a growing dividend to shareholders, while retaining
balance sheet strength to maintain access to cost-effective
sources of borrowing. Share repurchases are undertaken to
maintain an efficient balance sheet. Further detail on capital
management is provided on pages189 and 190.
87
Overview
Corporate responsibility
Our concentration on high standards of corporate responsibility
reduces environmental, social and governance (ESG) risks.
Among these is climate change risk. While the nature of our
operations mean we have a limited, direct impact on the
Market segments
environment, we have set robust reduction targets including
for energy and carbon emissions.
As we state in our Taskforce on Climate-Related Financial
Disclosure (TCFD) on page 73, increased severity of extreme
weather events could interrupt normal business operations (which
is also reflected in our statement of principal risks related to
technology and business resilience on page 90). To counter this,
we operate comprehensive business continuity programmes.
And to help our customers and other stakeholders, we produce
information, data and analytics that can support their carbon
reductions. One example is more accurate flight emissions data
produced by Cirium in our Risk business, which we have also
Corporate Responsibility
used in calculating our own business flight data (see page 31).
I chair our Environmental Checkpoint Committee which met
regularly through the year to ensure progress on our key metrics
including for Scope 1 and 2 emissions. Among other measures,
to progress our commitment to achieving net zero emissions by
2040 at the latest as a signatory to the Climate Pledge, we raised
the internal carbon price paid by our businesses to $30 tCO2e,
which will rise higher in future years.
In 2022, we achieved group-wide certification of our
Environmental Management System (EMS). Green Teams,
employee-led environmental groups representing 53% of
Financial review
employees in 44 facilities, helped us implement our EMS and
achieve local environmental improvements.
Refer to the Corporate Responsibility Report on pages 29 to 80
for further information.
Nick Luff
Chief Financial Officer
Governance
other information
Financial statements and
88 RELX Annual Report 2022 | Financial review
Principal and emerging risks
RELX has a sophisticated risk management framework that is embedded
into the operations of the business and continuously reviewed and overseen
by the Audit Committee.
Risk identification, evaluation and management
RELX has established a well-embedded risk management
framework based on the Internal Control-Integrated Framework
(2013) by the Committee of Sponsoring Organisations of the
Treadway Commission (COSO). Through this framework risks
are identified, assessed, mitigated, and monitored in an effective
and consistent way across the business.
RELX uses the 3 Lines of Defence model and aligns its systems of
risk management and internal control with the COSO framework.
Business Areas are required to maintain systems of risk
management and internal control which are appropriate to the
nature and scale of their activities and address all significant
strategic, operational, financial, legal and regulatory compliance
and reputational risks that they face. The RELX PLC Board
monitors the system of internal control and risk management
and performs an annual assessment of its effectiveness.
Consideration of current and emerging risks
Our risk management process considers the likelihood and
impact of risks, the timeline over which a risk could arise, the
direction in which risks are trending and the effectiveness of our
mitigation efforts. In addition to consideration of current risks,
EXTERNAL RISKS
Risk Description and impact
Geopolitical, Demand for our products and services, and our ability to
economic operate internationally, may be adversely impacted by
and market geopolitical, economic and market conditions beyond
conditions our control. These include acts of war and civil unrest;
political conflicts and tensions; international sanctions;
the impact of the effect of changes in inflation and
interest rates in major economies; trading relations
between the United States, Europe, China and other
major economies; as well as levels of government
and private funding for our markets.
we also identify emerging risks which could impact our business
in the next 3-5 years. Examples of emerging risks include evolving
privacy laws across global jurisdictions and data localisation
requirements. We mitigate these risks by maintaining a dialogue
with regulatory authorities and ensuring a robust data privacy and
governance structure. Another set of emerging risks are climate
related risks which are further described on pages 73 to 78 in the
Corporate Responsibility section of this report.
Covid-19 pandemic
The impact of the Covid-19 pandemic on RELX’s business
continues to depend on a range of factors which we are not able
to accurately predict, including the duration and scope of the
pandemic, and the duration and extent of containment measures,
such as quarantines or other travel restrictions and site closures.
These measures have had and may continue to have an impact
on face-to-face events in our Exhibitions business with ongoing
changing government restrictions on in-person events,
in particular in China.
The principal and emerging risks facing the business, which
have been assessed by the Audit Committee and Board,
are described below.
Mitigation
Our business is focused on professional markets which
have generally been more resilient in periods of economic
downturn. We deliver information solutions, many on a
subscription and recurring revenue basis,
which are important to our customers’ effectiveness
and efficiency. We operate diversified business areas in
terms of sectors, markets, customers, geographies and
products and services. We have multi-year contracts
in place for much of the revenue base, and underlying
demand drivers in many areas are not directly exposed
to economic growth (e.g. scientific research, healthcare,
fraud risk, financial crime compliance). Since the last
major global recession after the 2008 financial crisis,
RELX is significantly less dependent on revenue streams
that were impacted in that period (e.g. advertising,
employment screening). We have extended our position
in long-term global growth markets through organic
new launches supported by the selective acquisitions.
We continuously monitor economic and political
developments to assess their impact on our strategy which
is designed to mitigate these risks. In response to specific
uncertainties, our business areas engage in scenario
planning and develop contingency plans where relevant
and consider exiting business areas and markets that no
longer fit our strategy.
RELX Annual Report 2022 | Principal and emerging risks
EXTERNAL RISKS
Risk Description and impact
Intellectual Our products and services include and utilise intellectual
property property. We rely on trademark, copyright, patent, trade
rights secret and other intellectual property laws to establish
and protect our proprietary rights in this intellectual
property. There is a risk that our proprietary rights could
be challenged, limited, invalidated or circumvented,
which may impact demand for and pricing of our
products and services. Copyright laws are subject to
national legislative initiatives, as well as cross-border
initiatives such as those from the European Commission
and increased judicial scrutiny in several jurisdictions in
which we operate. This creates additional challenges
for us in protecting our proprietary rights in content
delivered through the internet and electronic platforms.
Data Privacy Our business relies extensively on content and data from
public records, governmental authorities, publicly
available information and media, customers, end users
and other information companies, including competitors.
Changes in data privacy legislation, regulation, and/or
enforcement could impact our ability to collect and
utilise data, potentially affecting the effectiveness of our
products. Failure or perceived failure to comply with
requirements for proper collection, use, storage and
transfer of data, by ourselves, or our third-party service
providers, or other data loss incidents may damage our
reputation, divert time and effort of management and
other resources, and expose us to risk of loss, fines and
penalties, litigation and increased regulation.
Payment Traditionally our Scientific, Technical & Medical (STM)
model primary research content publishing business has
evolution operated on a pay to read model, where readers or their
institutions, as users of the content pay, and authors
publish for free. Over time, an alternative model has
gained traction where authors or their institutions or
funding bodies prefer to pay to publish their research,
so it is freely available to read. The latter model is
commonly referred to as Open Access. There is
continued debate in government, academic and library
communities, regarding the payment models and the
extent to which research content should be freely
available to read, either immediately on publication or in
some form after a period following publication. Changes
in customer choice or regulation in this area could
impact the mix and overall level of revenue generated
by our primary research publishing business.
89
Overview
Mitigation
We actively engage in developing and promoting the legal
protection of intellectual property rights. Our subscription
contracts with customers contain provisions regarding the
use of proprietary content. We are vigilant as to the use of
Market segments
our intellectual property and, as appropriate, take legal
action to challenge illegal content distribution sources.
We maintain an active dialogue with regulatory authorities
Corporate Responsibility
on privacy and other data-related issues, and promote,
with others, the responsible use of data.
We have established data privacy principles, governance
structures and control programmes designed to ensure
data privacy requirements are met and which protect data
and individuals’ privacy across all jurisdictions where we
operate. We have put in place and test response plans to
manage incidents where data privacy might be
compromised. We embed our data privacy principles in
agreements with third parties.
Financial review
We have assurance programmes to monitor compliance
and conduct training and awareness programmes to
ensure that we comply with relevant legislative, regulatory
and contractual requirements.
We engage extensively with stakeholders in the STM
community to better understand their needs and deliver
value to them. We provide both pay to read and pay to
publish models for our services as well as combinations
of the two to support our customers diverse needs and
preferences. Combined deals can include several
components: pay to read, pay to publish and databases and
Governance
tools, and are often on a subscription basis. Both payment
models are available on a subscription or transactional
basis. We aim to serve our customers in any way that they
would like, and we work collaboratively with them and
support them to achieve their research goals.
We focus on the integrity and quality of research through
the editorial and peer review process; we invest in efficient
editorial and distribution platforms and in innovation in
platforms and tools to make content and data more
accessible and actionable; and we develop our research
systems to provide capabilities to manage different
other information
Financial statements and
payment models. We ensure vigilance on plagiarism
and the long-term preservation of research findings.
90 RELX Annual Report 2022 | Financial review
STRATEGIC RISKS
Risk Description and impact
Customer Our business is dependent on the continued demand by
acceptance our customers for our products and services and the
of our value placed on them. They operate in highly competitive
products and dynamic markets, and the means of delivery,
customer demand for, and the products and services
themselves, continue to change in response
to rapid technological innovations, legislative and
regulatory changes, the entrance of new competitors,
and other factors. Failure to anticipate and quickly adapt
to these changes, or to deliver enhanced value to our
customers, could impact demand for our products and
services and consequently adversely affect our revenue
or the long-term returns from our investment in
electronic product and platform initiatives.
Acquisitions We supplement our organic development with selected
acquisitions. If we are unable to generate the anticipated
benefits such as revenue growth and/or cost savings
associated with these acquisitions, it could adversely
affect return on invested capital and financial condition
or lead to an impairment of goodwill or intangibles.
OPERATIONAL RISKS
Risk Description and impact
Technology Our business is dependent on electronic platforms and
and business networks, primarily the internet, for delivery of our
resilience products and services. These could be adversely
affected if our electronic delivery platforms, networks or
supporting infrastructure experience a significant
failure or interruption. Climate change may increase the
intensity and frequency of severe weather events which
increases the risk of significant failure.
Face-to-face Face-to-face events are susceptible to economic cycles,
events communicable diseases, severe weather events and
other natural disasters, terrorism and assignment of
venues to alternative uses. Each or any of these may
impact exhibitors’ and visitors’ desire and ability to travel
in person to events and the availability of event venues.
These factors each have the potential to reduce
revenues, increase the costs of organising events and
adversely affect cash flows and reputation.
Mitigation
We are focused on the needs and economics of our
customers. We gain insights into the markets that we
serve, evolving customers’ needs, the potential application
of new technologies and business models, and the actions
of competitors and disrupters. These insights inform our
strategic and operational priorities. We continuously invest
significant resources in our products and services, and the
infrastructure to support them. We leverage user centred
design and development methods and customer analytics
and invest in new and enhanced technologies to provide
content and innovative solutions that help them achieve
better outcomes and enhance productivity.
Acquisitions are made within the framework of our
overall strategy, which emphasises organic development.
We have a well formulated process for reviewing and
executing acquisitions and for managing the post-
acquisition integration. This process is underpinned with
clear strategic, financial and ethical criteria. We closely
monitor the integration and performance of acquisitions.
Mitigation
We have established procedures for the protection of our
business and technology assets. These include the
development and testing of business continuity plans,
including technical resilience plans and back-up delivery
systems, to reduce business disruption in the event of
major technology or infrastructure failure, terrorism or
adverse weather incidents.
We actively review our ability to host events considering
the availability of venues and national and local regulations
including those related to health, travel and security.
Where regulations permit us to hold events, we take
appropriate measures for the well being and safety of
exhibitors, visitors and employees. The physical events
being run are supported by enhanced digital services,
including remote participation by both exhibitors
and attendees.
RELX Annual Report 2022 | Principal and emerging risks
OPERATIONAL RISKS
Risk Description and impact
Cyber Our business maintains and uses online databases and
security platforms delivering our products and services, which
we rely on, and provide data to third parties, including
customers and service providers. These databases and
information are a target for compromise and face a risk
of unauthorised access and use by unauthorised parties
including through cyber, ransomware and phishing
attacks on us or our third-party service providers.
Our cyber security measures, and the measures used by
our third-party service providers, may not detect or
prevent all attempts to compromise our systems, which
may jeopardise the security of the data we maintain or
may disrupt our systems. Failures of our cyber security
measures could result in unauthorised access to our
systems, misappropriation of our or our users’ data,
deletion or modification of stored information or other
interruption to our business operations. As techniques
used to obtain unauthorised access to or to sabotage
systems change frequently and may not be known until
launched against us or our third-party service providers
we may be unable to anticipate or implement adequate
measures to protect against these attacks and our
service providers and customers may likewise be
unable to do so.
Compromises of our or our third-party service
providers’ systems could adversely affect our financial
performance, damage our reputation and expose us to
risk of loss, fines and penalties, litigation and increased
regulation.
Supply chain Our organisational and operational structures depend
dependencies on suppliers including outsourced and offshored
functions, as well as cloud service providers. Poor
performance, failure or breach of third parties to whom
we have contracted could adversely affect our business
performance, reputation and financial condition.
We source content to enable information solutions for
our professional customers. The disruption or loss of
data sources, either because of data localisation
regulations, or because data suppliers decide not to
supply them, may impose limits on our collection and use
of certain kinds of information and our ability to
communicate, offer or make such information available
or useful to our customers.
91
Overview
Mitigation
We have established security programmes which are
constantly reviewed and updated to address developments
in the threat landscape with the aim of ensuring our ability
to prevent, respond to and recover from a cyber-attack
Market segments
or ransomware attack, that data is protected and our
business infrastructures and those of our third-party
service providers continue to operate.
We have governance mechanisms in place to design
and monitor common policies and standards across
the Company.
We invest in appropriate technological and physical
controls which are applied across the enterprise in a
risk-based security programme which operates at the
infrastructure, application and user levels. These controls
Corporate Responsibility
include, but are not limited to, infrastructure vulnerability
management, application scanning and penetration
testing, network segmentation, encryption and logging
and monitoring. We provide regular training and
communication initiatives to establish and maintain
awareness of risks at all levels of our Company. We have
appropriate incident response plans to respond to threats
and attacks which include procedures to recover and
restore data and applications in the event of an attack.
We maintain appropriate information security policies
and contractual requirements for our Company and
run programmes monitoring the application of our data
Financial review
security and resilience policies by third party service
providers. We use independent internal and third-party
auditors to test, evaluate, and help enhance our
procedures and controls.
We select our vendors with care and establish contractual
service levels that we closely monitor, including through
key performance indicators and targeted supplier audits.
We have developed business continuity plans to reduce
disruption in the event of a major failure by a vendor. We
have a formal supplier resilience program to identify and
manage critical suppliers across the business. A risk
Governance
register is used to document any unique supplier risks and
associated mitigation plans, due diligence is performed
annually, regular resilience discussions are held, and our
contractual terms enable us to audit supplier resilience
plans/procedures.
We have a multitude of data sources that we use to develop
solutions for our customers and regularly monitor the
market for new data sources in order to minimize
dependence on any single provider. Where content is
supplied to us by third parties, we aim to have contracts
other information
Financial statements and
which provide mutual commercial benefit.
92 RELX Annual Report 2022 | Financial review
OPERATIONAL RISKS
Risk Description and impact
Talent The implementation and execution of our strategies and
business plans depend on our ability to recruit, motivate,
develop and retain a diverse population of skilled
employees and management. We compete globally
and across business sectors for diverse talented
management and skilled individuals, particularly
those with technology and data analytics capabilities.
An inability to recruit, motivate or retain such people
could adversely affect our business performance.
Failure to recruit and develop talent regardless of
gender, race or other characteristics could adversely
affect our reputation and business performance.
FINANCIAL RISKS
Risk Description and impact
Pensions We operate a number of pension schemes around the
world, including local versions of the defined benefit type
in the UK and the United States. The US scheme is closed
to future accruals. The UK scheme has been closed to
new hires since 2010. The members who continue to
accrue benefits now represent a small and reducing
portion of the overall UK based workforce. The assets
and obligations associated with these pension schemes
are sensitive to changes in the market values of the
scheme’s investments and the market-related
assumptions used to value scheme liabilities. Adverse
changes to asset values, discount rates, longevity
assumptions or inflation could increase funding
requirements.
Tax Our business operates globally, and our profits are
subject to taxation in many different jurisdictions and at
differing tax rates. Tax laws that currently apply to our
business may be amended by the relevant authorities or
interpreted differently by them, and these changes could
adversely affect our reported results.
Mitigation
We monitor capability needs and remuneration schemes
are tailored to attract and motivate the best talent available
at an appropriate level of cost. We actively seek feedback
from employees, which feeds into plans to enhance
employee engagement, motivation and development.
Our focus on an inclusive culture results in a diverse
workforce and environment that respects individuals
and their contributions.
Mitigation
We have professional management of our pension
schemes and we focus on maintaining appropriate asset
allocation and plan designs. We review our funding
requirements on a regular basis with the assistance of
independent actuaries and ensure that the funding plans
are appropriate. We seek to manage pension liabilities by
reviewing pension benefits provided to staff as well as the
structure of scheme arrangements.
We maintain an open dialogue with tax authorities and
are vigilant in ensuring that we comply with current tax
legislation. We have clear and consistent tax policies and
tax matters are dealt with by a professional tax function,
supported by external advisers. As outlined in the Chief
Financial Officer’s report on pages 82 to 87 we engage
with tax authorities and international organisations.
We continue to monitor legislative developments in
the jurisdictions in which we operate and consider
the potential impacts of proposed regulation changes
under various scenarios. The principles we adopt in our
approach to tax matters can be found on our website at
www.relx.com/go/taxprinciples.
RELX Annual Report 2022 | Principal and emerging risks 93

FINANCIAL RISKS
Risk Description and impact
Treasury The RELX PLC consolidated financial statements
are expressed in pounds sterling and are subject to
movements in exchange rates on the translation of the
financial information of businesses whose operational
Overview
Mitigation
Our approach to capital structure and funding is described
in the Chief Financial Officer’s report on pages 82 to 87. The
approach to the management of treasury risks is described
in note 17 to the consolidated financial statements.

Market segments
currencies are other than sterling. The United States is
our most important market and, accordingly, significant
fluctuations in the US dollar exchange rate could
significantly affect our reported results. We also earn
revenues and incur costs in a range of other currencies,
including the euro and the yen, and significant
fluctuations in these exchange rates could also
significantly impact our reported results.
Macroeconomic, political and market conditions may
adversely affect the availability and terms of short and
long-term funding, volatility of interest rates, the credit

Corporate Responsibility
quality of our counterparties, currency exchange rates
and inflation. The majority of our outstanding debt
instruments are, and any of our future debt instruments
may be, publicly rated by independent rating agencies.
Our borrowing costs and access to capital may be
adversely affected if the credit ratings assigned to our
debt are downgraded.

REPUTATIONAL RISKS
Risk Description and impact Mitigation

Ethics As a global provider of professional information
solutions we, our employees and major suppliers are
expected to adhere to high standards of integrity and
ethical conduct, including those related to anti-bribery
and anti-corruption, fraud, sanctions, competition and
principled business conduct. A breach of generally
accepted ethical business standards or applicable laws
could adversely affect our business performance,
reputation and financial condition.
Financial review
Our Code of Ethics and Business Conduct is provided
to every employee and is supported by training and
communication. It encompasses such topics as competing
fairly, prohibiting corrupt business practice and fair
employment practices and encouraging open and
principled behaviour. We have well-established processes
for monitoring, reporting and investigating instances
of unethical conduct. Our major suppliers are required
to adhere to our Supplier Code of Conduct.

Governance
other information
Financial statements and
94 RELX Annual Report 2022 | Financial review
Viability statement
The UK Corporate Governance Code requires Directors to
assess the viability of the Group over an appropriate period
of time. The Directors have made the assessment that given
the nature of the Group’s business with a high proportion of
recurring revenue, a typical contract length of three years in
many of its subscription agreements and a balanced debt
maturity profile, a viability period of three years, aligned with
the Group’s annual strategy plan, is suitable to assess the risks
outlined on pages 88 to 93.
Assessing the Group’s Prospects
The Group develops information-based analytics and decision
tools for professional and business customers in the Risk,
Scientific, Technical & Medical (STM), Legal and Exhibitions
sectors. The Market Segments section describes each area’s
business model, strategic priorities, market opportunities and
competition, showing how the Group is positioned to create
value for shareholders over the longer term.
The Group’s prospects are assessed annually through the
strategic planning process which includes a review of
assumptions made and an assessment of each business area’s
longer-term plan. The resulting three-year strategy plan forms
the basis for Group and divisional targets and in-year budgets.
Objectives are set with consideration given to the economic
and regulatory environment, and to customer trends, as well
as incorporating risks and opportunities. The most recent
three-year strategy business plan was agreed by the Directors
in September 2022 and updated in February 2023. Separate
from the annual strategy plan, the Directors periodically receive
updates from business area management on their operations,
prospects and risks. Whilst these reviews and discussions
naturally focus more closely on the more immediate risks facing
the business within the three-year strategy planning period,
they also cover the risks described in the principal risks section
on pages 88 to 93.
Assessing the Group’s Viability
The three-year strategy plan for our business areas includes
management’s assessment of the anticipated operational risks
affecting the business. Management then considered the
viability of the business in various downside scenarios, the most
severe of which assumes the simultaneous occurrence of Cyber
security, Intellectual property rights and Face-to-face events
risks resulting in a decline of around 30% in adjusted operating
profit in each of 2023 to 2025, and the closure of the debt capital
markets preventing the refinancing of scheduled liabilities. It is
assumed that the first extension option on the Group’s undrawn
$3bn revolving credit facility will be exercised in April 2023,
taking the maturity to April 2026. The resulting analysis, which
assumed no share buybacks, modest acquisition activity and
a growing dividend, determined that the Group would have
sufficient liquidity to refinance all maturing term debt.
The impact of the Covid-19 pandemic on our three largest
business areas, Risk, STM and Legal, which contribute
approximately 90% of the Group’s revenue, was limited, with
continued growth in revenues and profits since the start of the
pandemic in 2020. The impact on Exhibitions was significant,
with only limited activity for a period, followed by a recovery as
venues re-opened. Face-to-face events have now resumed in
almost all major geographies, but there remains an ongoing risk
of cancellation or rescheduling of events. This risk has been
considered as part of the downside scenarios described above.
We remain focused on successfully pursuing our strategic
priority of organically developing increasingly sophisticated
information-based analytics and decisions tools that deliver
enhanced value to our customers, supplemented by selective
acquisitions that support our organic growth. We believe the
combination of compelling structural opportunities combined
with an appropriate capital structure will continue to drive
long-term value.
Based on this assessment and the scenario modelling that
shows sufficient liquidity even with the simultaneous
occurrence of principal risks and the closure of the debt capital
markets, the Directors confirm that they have a reasonable
expectation that the Group will be able to continue its operations
and meet its liabilities as they fall due over the next three years
and are not aware of any longer-term operational or strategic
risks that would result in a different outcome from the
three-year review.
RELX Annual Report 2022 | Principal and emerging risks 95

Going concern
The Directors have adopted the going concern basis in
preparing these accounts after assessing the potential impact
on the business of the principal risks over the 18 months to
30 June 2024 and during the longer period over which the
Overview
A commentary on the Group’s cash flows, financial position and
liquidity for the year ended 31 December 2022 is set out in the
Chief Financial Officer’s report on pages 82 to 87. This shows that
after taking account of available cash resources and committed

Group’s viability has been assessed, as described on page 94.
Management forecasts reflect a downside scenario which
includes the simultaneous occurrence of principal risks, which
combined would reduce adjusted operating profit by around
30%. We have also assumed an inability to access the debt
capital markets. Under this scenario, the Group will still have
substantial liquidity headroom on its undrawn $3bn revolving
credit facility (which was refinanced during 2022 and no longer
contains a financial covenant). Having considered this downside
scenario, the Directors believe that the Group is well-positioned
to manage its business risks and that adequate resources
Market segments
bank facilities that back up short-term borrowings, all of the
Group’s borrowings that mature in the period to 30 June 2024
can be repaid in full. The Group’s policies on liquidity, capital
management and management of risks relating to interest
rate, foreign exchange and credit exposures are set out on
pages 189 to 194. The principal risks facing the Group are set
out on pages 88 to 93.

Corporate Responsibility
exist for the Group to continue in operational existence for the
foreseeable future. They therefore consider it is appropriate
to adopt the going concern basis in preparing the 2022
financial statements.

The Strategic Report, as set out on pages 2 to 95, has been approved by the Board of RELX PLC.

By order of the Board Registered Office

Henry Udow 1-3 Strand
Company Secretary London
15 February 2023 WC2N 5JR

Financial review
Governance
other information
Financial statements and
96 RELX Annual Report 2022

Governance
In this section
98 Board Directors
100 RELX Senior Executives
102 Chair’s introduction to corporate governance
103 Corporate Governance Review
119 Report of the Nominations Committee
121 Directors’ Remuneration Report
143 Report of the Audit Committee
147 Directors’ Report
 Overview Market segments Corporate Responsibility Financial review Governance Financial statements and
other information
97 report including
RELX Annual Report 2022 corporate responsibility report and financial statements 2022 |
98 RELX Annual Report 2022 | Governance
Board Directors
Executive Directors
Erik Engstrom (59)
Chief Executive Officer
Appointed: Chief Executive Officer of RELX since
November 2009. Joined as Chief Executive Officer
of Elsevier in 2004.
Other appointments: Non-Executive Director
of Smith & Nephew plc.
Past appointments: Prior to joining was a partner
at General Atlantic Partners. Before that was
President and Chief Operating Officer of Random
House Inc and President and Chief Executive
Officer of Bantam Doubleday Dell, North America.
Began his career as a consultant with McKinsey.
Education: Holds a BSc from Stockholm School
of Economics, an MSc from the Royal Institute of
Technology in Stockholm, and gained an MBA from
Harvard Business School as a Fulbright Scholar.
Nationality: Swedish
Nick Luff (55)
Chief Financial Officer
Appointed: September 2014
Other appointments: Non-Executive Director of
Rolls-Royce Holdings plc.
Past appointments: Prior to joining the Group was
Group Finance Director of Centrica plc from 2007.
Before that was Chief Financial Officer at The
Peninsular & Oriental Steam Navigation Company
(P&O) and its affiliated companies. Began his
career as an accountant with KPMG. Formerly a
Non-Executive Director of QinetiQ Group plc and
Lloyds Banking Group plc.
Education: Has a degree in Mathematics from
Oxford University and is a qualified UK Chartered
Accountant.
Nationality: British
Non-Executive Directors
Paul Walker (65) R N C
Chair
Appointed: March 2021
Other appointments: Chair of Ashtead Group plc.
Past appointments: Chair of Halma plc and Chief
Executive Officer and Chief Financial Officer of
Sage Group plc. Non-Executive Director of
Experian plc, Diageo plc, Sophos Group plc and
Mytravel Group plc.
Education: Has a degree in Economics from York
University, and is a qualified UK Chartered
Accountant.
Nationality: British
Wolfhart Hauser (73) R N C
Non-Executive Director; Independent
Senior Independent Director
Chair of the Remuneration Committee
Appointed: April 2013
Other appointments: Non-Executive Director of
Associated British Foods plc.
Past appointments: Chair of FirstGroup plc until
July 2019. Chief Executive Officer of Intertek Group
plc from 2005 until 2015. Prior to that he was
Chief Executive Officer of TÜV Sud AG between
1998 and 2002 and Chief Executive Officer of TÜV
Product Service GmbH for ten years. Formerly
a Non-Executive Director of Logica plc.
Education: Holds a master’s degree in Medicine
from Ludwig-Maximilian-University Munich and
a Medical Doctorate from Technical University
Munich.
Nationality: German
June Felix (66) A C R
Non-Executive Director; Independent
Appointed: October 2020
Other appointments: Chief Executive Officer
of IG Group Holdings plc. Member of the Board
of Advisers of the London Technology Club.
Past appointments: Served as a Non-Executive
Director of IG Group Holdings plc from 2015 until the
time of her appointment as Chief Executive Officer
in October 2018. Previously held various executive
management positions at a number of large
multinational businesses in Hong Kong, London and
New York, including Verifone, IBM, Citibank and
Chase Manhattan. Earlier in her career, was a
strategy consultant with Booz Allen Hamilton.
Nationality: American
Charlotte Hogg (52) A C
Non-Executive Director; Independent
Appointed: December 2019
Other appointments: Executive Vice President and
Chief Executive Officer for the European Region of
Visa Inc. Executive Director of Visa Europe Limited.
Non-Executive Director of NowTeach and a
Director of Kettlethorpe Sport Horses Limited.
Past appointments: Chief Operating Officer at
the Bank of England. Before that Head of Retail
Banking for Santander UK, Managing Director UK
and Ireland for Experian plc, and held senior roles
at Morgan Stanley in New York and London.
Nationality: British, American and Irish
RELX Annual Report 2022 | Board Directors
Marike van Lier Lels (63) N C
Non-Executive Director; Independent
Workforce Engagement Director
Appointed: July 2015
Other appointments: Member of the Supervisory
Boards of NS (Dutch Railways), Dura Vermeer,
Post NL and Innovation Quarter.
Past appointments: Member of the Supervisory
Boards of TKH Group NV, Royal Imtech NV, Maersk
BV, KPN NV, USG People NV and Eneco Holding NV,
and Executive Vice President and Chief Operating
Officer of the Schiphol Group. Prior to joining
Schiphol Group, was a member of the Executive
Board of Deutsche Post Euro Express and held
various senior positions with Nedlloyd. Member
of various Dutch governmental advisory boards.
Nationality: Dutch
Robert MacLeod (58) R N C
Non-Executive Director; Independent
Appointed: April 2016
Other appointments: None.
Past appointments: Was previously Chief
Executive of Johnson Matthey plc for eight years
after five years as Group Finance Director. Prior to
this spent five years as Group Finance Director of
WS Atkins plc, having joined as Group Financial
Controller in 2003. From 1993 to 2002, held a
variety of senior finance and M&A roles with
Enterprise Oil plc in the UK and US. Formerly
a Non-Executive Director of Aggreko plc.
Nationality: British
99
Overview
Board Committee membership key
A Audit Committee
R Remuneration Committee
N Nominations Committee
Market segments
C Corporate Governance Committee
Committee Chair
Suzanne Wood (62) A C
Non-Executive Director; Independent
Chair of the Audit Committee
Appointed: September 2017
Other appointments: Non-Executive Director of
Corporate Responsibility
Ferguson plc.
Past appointments: Served as Senior Vice
President and Chief Financial Officer of Vulcan
Materials Company from September 2018 until
September 2022. Served as Group Finance
Director of Ashtead Group plc from 2012 to 2018.
Chief Financial Officer of Ashtead Group’s largest
subsidiary, Sunbelt Rentals Inc, from 2003 until
2012. Previously, also served as Chief Financial
Officer of two US publicly listed companies,
Oakwood Homes Corporation and Tultex
Corporation.
Nationality: American
Financial review
Governance
Andrew Sukawaty (67) A C
Non-Executive Director; Independent
Appointed: April 2019
Other appointments: Chair of Inmarsat. Director
of Hg Capital LLP and Matrix 42. Founding Partner
of Corten Capital.
Past appointments: Was formerly the Senior
other information
Financial statements and
Independent Director of Sky plc between 2013
and 2018. Previously was Chair of Ziggo NV,
Xyratex Group Ltd,and Telenet Group holdings NV,
and deputy Chair of O2 plc. Also served as a
Non-Executive Director of Telefonica Europe
(following its acquisition of O2 plc) and Powerwave
Technologies Inc, and additionally as Chief
Executive of Inmarsat plc, Sprint Corp and NTL
Group Ltd.
Nationality: American
100 RELX Annual Report 2022 | Governance
RELX Senior Executives
Mark Kelsey
Chief Executive Officer
Risk
Joined in 1983. Appointed
to current position in 2012.
Has held a number of senior
positions across the Group over
the past 30 years. Previously
Chief Operating Officer and
then Chief Executive Officer
of Reed Business Information.
Studied at Liverpool University
and received his MBA from
Bradford University.
Kumsal Bayazit
Chief Executive Officer
Scientific, Technical
& Medical
Joined in 2004. Appointed
to current position in 2019.
Previously President, Exhibitions
Europe, Chief Strategy Officer,
RELX, Chair, RELX Technology
Forum and Executive Vice
President of Global Strategy
and Business Development for
LexisNexis. Prior to that worked
with Bain & Company in New York,
Los Angeles, Johannesburg
and Sydney. Holds an MBA from
Harvard Business School and
is a graduate of the University
of California at Berkeley.
Mike Walsh
Chief Executive Officer
Legal
Joined in 2003. Appointed
to current position in 2011.
Previously CEO of LexisNexis
US Legal Markets and Director
of Strategic Business Development
Home Depot. Prior to that was
a practising attorney at Weil,
Gotshal and Manges in Washington
DC and served as a consultant
with The Boston Consulting Group.
Holds a Juris Doctor degree from
Harvard Law School and is a
graduate of Yale University.
Hugh M Jones IV
Chief Executive Officer
Exhibitions
Joined in 2011. Appointed
to current position in 2020.
Previously Group Managing
Director, Accuity, ICIS, Cirium,
and EG within Risk. Prior to that
was Chief Executive Officer,
Accuity. Holds an MBA from the
Ross School of Business at the
University of Michigan and is a
graduate of Yale University.
RELX Annual Report 2022 | RELX Senior Executives
Rose Thomson Vijay Raghavan
Chief Human Resources Chair, RELX Technology
Officer Forum and Chief
Technology Officer, Risk
Joined in 2021. Joined in 2002. Appointed
Appointed to current to current position in 2019.
position at that time.
Previously Chief Human Previously Vice President
Resources Officer at of Technology, LexisNexis
Standard Life Aberdeen. Insurance Solutions. Prior
Before that, held various technology executive
senior human resources positions at ChoicePoint,
roles at Travelport Paragon Solutions,
International, Barclays Primus Knowledge
Bank, The Coca-Cola Solutions, and McKesson.
Company, Coles Group Holds a bachelor’s
and The Walt Disney degree in electrical and
Company. electronics engineering
from the Birla Institute of
Holds an MA in business Technology and Science,
management from Pilani, a master’s degree
Macquarie University in cybersecurity from
Graduate School of the Georgia Institute
Management and a of Technology, and
BA in Psychology, completed an advanced
Macquarie University. management program for
executives at MIT Sloan
School of Management.
Henry Udow
Chief Legal Officer
and Company Secretary
Joined in 2011.
Appointed to current
position at that time.
Previously Chief Legal
Officer and Company
Secretary of Cadbury plc
having spent 23 years
working with the company.
Prior to that worked at
Shearman & Sterling
in New York and London.
Holds a Juris Doctor
degree from the
University of Michigan
Law School and a
bachelor’s degree from
the University of Rochester.
Jelena Sevo
Chief Strategy Officer
Joined in 2011. Appointed
to current position in 2019.
Previously Director of Tax
Markets for LexisNexis
UK. Prior to that, various
senior management roles
in LexisNexis and Elsevier.
Previously a consultant at
Bain & Co and Booz Allen
Hamilton. Holds an MBA
from Harvard Business
School, a master’s degree
in law from Georgetown
University and a degree
in law from the
University of Belgrade.
101
Overview
Market segments
Corporate Responsibility
Youngsuk ‘YS’ Chi
Financial review
Director of RELX
Corporate Affairs
and Chair, Elsevier
Joined in 2005. Appointed
to current position in 2011.
Previously was President
and Chief Operating Officer
Governance
of Random House, founding
Chairman of Random
House Asia and Chief
Operating Officer for
Ingram Book Group.
Holds an MBA from
Columbia University
and is a graduate
of Princeton University.
other information
Financial statements and
102 RELX Annual Report 2022 | Governance
Chair’s introduction to corporate governance
RELX has a long-established, structured
and disciplined approach to governance
that is fully embedded in the Company’s
culture and values.
Introduction
On behalf of the Board, I am pleased to introduce the Corporate
Governance Review for the year ended 31 December 2022. This report
sets out our approach to effective corporate governance and outlines
the key areas of focus of the Board and its activities during the year as
we continue to drive long-term value creation for all our stakeholders.
This is my second year as your Chair, and I am pleased to report that,
following the relaxation of the social distancing measures introduced
in response to the Covid-19 pandemic, we have been able to resume
face-to face Board and Committee meetings and activities, and, in
April 2022, to hold our first in-person Annual General Meeting (AGM)
since 2019. However, while the uncertainties of the pandemic may have
receded, other global economic and political challenges have emerged.
RELX has responded to these challenges effectively, driving strong
growth and financial performance to ensure the continued delivery
of the Company’s strategy. I would like to thank my fellow Directors,
the Senior Executives and all of RELX’s employees for their resilience
and commitment during this time.
Our governance framework
As a premium listed company on the London Stock Exchange, RELX
reports in accordance with the 2018 UK Corporate Governance Code
(the Code). Please see page 103 for further details on the Company’s
compliance with the Code. The Company is committed to ensuring
that a robust corporate governance environment is in place. It has a
long-established, structured and disciplined approach to governance
that is fully embedded in the Company’s culture and values.
Effective governance practices are fundamental to RELX’s culture
of acting with integrity in all that we do, and support the Company’s
purpose to benefit society through its unique contributions, as set
out on page 104. The Board believes pursuing the highest levels of
corporate responsibility and delivering excellent financial performance
should be pursued in tandem, and that doing so will result in long-term,
sustainable shareholder value creation. It also provides confidence
to our stakeholders that the governance of RELX is appropriate for its
size and profile as a listed company, helps to manage our risks and
opportunities, ensures that our key stakeholders are appropriately
considered in the decisions that we make, and maintains our
corporate reputation.
Stakeholder engagement
Balancing stakeholders’ needs and views is a key part of Board
decision-making. Throughout 2022, the Board remained focused on
supporting our colleagues, our customers and the wider communities
in which we operate, whilst providing solutions and services that meet
the evolving needs of our customers. The Board continued to oversee
our substantial corporate responsibility programme, with specific
focus on RELX’s ESG activities. Please see pages 109 to 112 for our
stakeholder engagement activities.
Board decision-making
The Board actively takes into account the views of the Company’s
stakeholders when making decisions. Stakeholder engagement
remains a key area of focus for the Board. We listen to our customers,
communities, shareholders, regulators, suppliers and employees
and the insights from this engagement help to shape our strategy
and the decisions we take as a Board.
The Board’s significant decisions during the year, and its considerations
in making them, are set out on pages 107 to 108. These pages are
incorporated into the Directors’ section 172 Statement, which is set
out on page 30, and therefore into the RELX Strategic report. This
statement explains how the Board’s decision-making during the year
has promoted the success of the Company having regard, amongst
other things, to those matters set out in section 172 of the Companies
Act 2006.
Remuneration Policy
Our proposed Directors’ Remuneration Policy which is intended
to apply for the coming three years, will be put to shareholders for
approval at the 2023 AGM. The current policy and subsequent annual
remuneration reports received strong support from shareholders
and in preparing the proposed policy we engaged with shareholders
representing approximately 60% of our share capital. The Board
believes that our remuneration structure remains appropriate, and we
are not, therefore, proposing any significant changes in the new policy.
Details of the proposed policy and the implementation of the current
policy during the year, can be found in the Directors’ Remuneration
Report on pages 121 to 142.
Board changes and effectiveness
Following the conclusion of the 2022 AGM, Linda Sanford retired from
the Board, having served as a Director since 2012. The Board would like
to thank Ms Sanford for the valuable contribution she made to the work
of the Board and the Committees on which she served.
The 2023 AGM will mark the retirement of Dr Wolfhart Hauser
from the Board. Dr Hauser has served as a Director since 2013, and
currently holds the roles of Senior Independent Director and Chair of
the Remuneration Committee. On behalf of the Board, I would like to
thank Dr Hauser for the valued contribution he has made in both roles.
As previously announced, following the conclusion of the 2023 AGM,
Suzanne Wood, will succeed Dr Hauser as Senior Independent
Director, and Robert MacLeod will take on the role of Chair of the
Remuneration Committee.
As Chair, I am responsible for ensuring that the effectiveness of the
Board, its Committees and each individual Director is evaluated
annually. For 2022, an internal evaluation process was carried out with
the support of the Company Secretary. The outcome of the evaluation
confirmed that the Board and Committees continue to operate
effectively, and that all of our Directors continue to demonstrate
commitment to their role. For further detail on the Board evaluation
process this year and its outcomes, please see page 116.
Paul Walker
Chair
15 February 2023
RELX Annual Report 2022
Corporate Governance Review
Compliance with the UK Corporate
Governance Code
RELX PLC is subject to the principles and provisions of the
2018 UK Corporate Governance Code (the Code), a copy of
which is available on the FRC’s website, www.frc.org.uk.
For the year ended 31 December 2022, the Board considers
that the Company fully applied the principles and complied
with the provisions of the Code, except for the pension
alignment required under provision 38, where full compliance
was achieved from 1 January 2023. The value of pension
benefits for current Executive Directors has decreased over
the last several years and, from 1 January 2023, are in line
with the level of benefit provided to the wider workforce under
the Company’s regular defined contribution plans (currently
capped at 11% of base salary in the UK), consistent with the
recommendations of the Investment Association. 2022
represented the final year of the phased reduction in Executive
Director pension benefits. Pension benefits received by the
Executive Directors during 2022 were in line with the terms of
the Directors’ Remuneration Policy approved by shareholders
in 2020. An updated Directors’ Remuneration Policy (set out on
pages 136 to 142 (inclusive)) will be put to shareholders for
approval at the Company’s 2023 AGM.
Our governance framework
RELX has in place a corporate governance framework of
leadership bodies, processes and supporting documentation
to ensure that RELX is appropriately directed, led and controlled
at all levels. The framework brings clarity to those who work for
and on behalf of RELX, in respect of what they are expected to
deliver, through strategic and financial objectives, and by clearly
setting out the values, standards and principles which form the
foundation of RELX’s business conduct. It provides the structure
within which RELX can deliver its strategy and safeguard the
long-term success of the Company for the benefit of its members
as a whole. The governance framework enables our organisation
to operate efficiently by providing clear guidelines for
decision-making and a range of workforce policies and practices.
Our governance supports our business areas as they grow and
develop and provides for effective use of resources and
appropriate levels of oversight and involvement from the Board
and its Committees, and senior leadership.
The framework takes into consideration the appropriate
implementation of systems and processes which define the
rights, responsibilities and accountabilities of individuals across
RELX, compliance applicable statutory and regulatory
requirements, the protection of our reputation and meeting our
own expectations to act with integrity in all that we do. It seeks to
allow our four business areas to operate with the speed, agility
and flexibility required to address the needs of their customers
in a timely and effective manner. Our internal control and risk
management arrangements, described on page 117, are a
central part of our governance framework and are monitored
by the Audit Committee and overseen by the Board.
103
Overview
Board leadership
The Board is responsible for promoting the long-term,
sustainable success of the Company. Through a programme of
scheduled meetings, it oversees RELX’s financial performance
and ensures its systems of risk management, internal control and
corporate governance are fit for purpose and effectively underpin
Market segments
the delivery of its strategy.
RELX’s annual strategy review process comprehensively
assesses RELX’s strategic position and its key strategic options,
considering opportunities for and risks to its future success and
the long-term sustainability of our business model. At RELX,
there is a process in place to manage the Board’s annual agenda
to ensure that all necessary items are submitted for its
consideration at the appropriate time with sufficient supporting
information, and the Board has adequate time to discuss and
challenge strategic proposals. Board discussions are informed by
Corporate Responsibility
regular updates and presentations from senior management at
Board and Committee meetings and deep-dive sessions into
individual business areas, segments, and topics of strategic
relevance.
The Board sets RELX’s purpose and values as set out on page 104.
The Board regularly reviews the Group’s Operating and
Governance Principles, which provide an overview of the
processes, policies and controls in place to manage risk and
serves as a first point of reference for management in each
business area. The Board also approves RELX’s Code of Ethics
and Business Conduct (the Ethics Code) which sets out the
Financial review
standards and principles with which the organisation expects
those who represent it to adhere, and provides clear direction and
guidance for building and maintaining the desired culture. The
Ethics Code outlines confidential procedures enabling employees
to report any concerns about compliance, or RELX’s financial
reporting practices, and is available on our website at
www.relx.com.
The Board monitors RELX’s workforce policies and practices
to ensure that they are aligned with its values and continue to
support RELX’s long-term, sustainable success. Our workforce
policies and practices are explained in detail on pages 41 to 49.
Governance
Delegated authorities and Board Committees
The Board delegates certain responsibilities to each of its
principal Committees, which provide focused oversight and
report to the Board on material and relevant matters, as
appropriate. The Committees’ roles and responsibilities are set
out in each Committee’s Terms of Reference, available on our
website at www.relx.com. Each Committee’s responsibilities
are summarised on page 106 and further information is in the
respective Committee reports which start on pages 119, 121 and
143 and provide details on the work of each Committee during
the year.
other information
Financial statements and
There is a structure of delegated authorities in place from the
Board to the Chief Executive Officer (CEO) and other members
of the senior leadership which enables efficient day-to-day
management of the business by ensuring decisions can be taken
by the right people at the right time and with appropriate controls
to ensure they remain consistent with the risk appetite agreed by
the Board. The senior leadership team supports the CEO in the
performance of his duties. Further delegation authorities and
rules are applied to each business area.
104 RELX Annual Report 2022 | Governance

Our purpose, strategy, values and culture statement

Purpose
RELX is a provider of information-based analytics and decision tools for professional and business customers, enabling them to
make better decisions, get better results and be more productive.
Our purpose is to benefit society by developing products that help researchers advance scientific knowledge; doctors and nurses
improve the lives of patients; lawyers promote the rule of law and achieve justice and fair results for their clients; businesses and
governments prevent fraud; consumers access financial services and get fair prices on insurance, and customers learn about
markets and complete transactions.
Our purpose guides our actions beyond the products that we develop. It defines us as a company. Every day across RELX our
employees are inspired to undertake initiatives that make unique contributions to society and the communities in which we operate.

Strategy
Our number one strategic priority is the organic development of increasingly sophisticated information-based analytics and
decision tools that deliver enhanced value to professional and business customers. We aim to achieve leading positions in
long-term global growth markets and leverage our skills, assets and resources across RELX, both to build solutions for our
customers and to pursue cost efficiencies. We are systematically migrating all of our information solutions across RELX towards
higher value-add decision tools, adding broader data sets, embedding more sophisticated analytics and leveraging more powerful
technology, primarily through organic development. We are transforming our core business, building out new products and
expanding into higher growth adjacencies and geographies. We are supplementing this organic development with selective
acquisitions of targeted data sets and analytics, and assets in high-growth markets that support our organic growth strategies
and are natural additions to our existing business.
By focusing on evolving the fundamentals of our business we believe that, over time, we are improving our business profile and
the quality of our earnings. This strategy has led to more predictable revenues through a better asset mix and geographic balance;
improved returns by focusing on organic development with strong cash generation; and a higher growth profile as we expand in
higher growth segments, exit from structurally challenged businesses, and gradually reduce the drag from print format declines.

Values
We strive to do business with integrity. Our principle ‘Do the Right Thing’ embraces behaviours such as being honest in dealing
with others, respecting each other, and courageously speaking out for what is right; thereby guiding our commitment to achieve
business goals in an open, honest, ethical, and principled way. We ask our suppliers to meet the same standards, and provide
support for them to do so as necessary.

Culture
As an information-based analytics and decision tool provider, our corporate culture is fact-based, data-driven and analytical.
We are transparent and non-political in our decision-making. We are passionate about making a positive impact on society through
our unique contributions as a business and our employees feel a strong sense of engagement with the business and its purpose.
We focus on improving customer outcomes while emphasising corporate responsibility and acting with integrity and advancing
inclusiveness and diversity. Our culture encourages community engagement, environmental responsibility and the well-being of
our people.
RELX Annual Report 2022 | Corporate Governance Review
How the Board monitors culture
RELX places significant emphasis and importance on the way
it does business. We are clear and unequivocal about our
commitment to do so with integrity and in accordance with the
highest ethical standards. We take corporate responsibility
seriously and are committed to advancing inclusiveness and
diversity in our working practices. We do this while striving to
continually improve customer outcomes through a culture that is
fact-based, data-driven and analytical. RELX’s standards and
values are defined on a group-wide basis, however the Board
acknowledges that cultural practices and preferred ways of
working can vary across the geographies of its business.
The Board helps to build the culture of the organisation from the
top down, by ensuring that it takes decisions that are aligned to
RELX’s values. The Board regularly reviews RELX’s policies to
ensure RELX has the right framework in place to operate with
integrity, and that its working practices promote a culture of
strong engagement with our business and purpose, and with our
communities. The Board reviews and approves the Ethics Code,
which sets out RELX’s core standards and principles and provides
clear guidance for building and maintaining the desired culture.
There are a number of ways in which the Board monitors and
assesses culture:
Workforce engagement
The Board has appointed a Non-Executive Workforce Engagement
Director to engage directly with employee representatives from
across RELX and to report to the Board on the progress of RELX’s
workforce initiatives, together with the challenges, concerns and
priorities of employees. This provides the Board with in-depth
insight into how culture is embedded across our different business
areas and functions, and any issues that need to be addressed.
The views of employees are measured through an annual
employee engagement survey, and a broader triennial opinion
survey, designed to gauge how employees feel about the
organisation, how well they understand its direction, and their
level of satisfaction and engagement with their work. An analysis
of the results of employee surveys is presented to the Board.
See page 110 for more information regarding workforce
engagement.
105
Overview
Board presentations
The Board receives regular reports about RELX’s corporate
responsibility activities across each of our business areas, to
support its understanding of how culture is embedded across the
organisation. Such reports include progress against our people
objectives during the year, including areas such as well-being, pay
Market segments
equity and reducing inequalities through inclusion. RELX uses a
range of methods including surveys and assessments to monitor
progress towards our corporate responsibility objectives, and to
understand the experiences of our workforce, customers and
other stakeholders across our business areas. Further
information is available on pages 44 to 49.
Presentations from senior management to the Board during the
year have provided culture-related employee data from across the
Group’s different business areas. This contributes to the Board’s
ability to assess the Group’s culture and provides a context against
which it has taken a number of its principal decisions during
Corporate Responsibility
the year.
The Board’s activities and examples of key decisions taken during
the year are set out on pages 107 to 112.
Audit Committee
The Head of Internal Audit and Assurance regularly presents the
results of internal audits across our business areas to the Audit
Committee. These provide the Board with an insight into business
and control practices across RELX’s different business areas.
Through the activities of the Audit Committee, the Board also
receives periodic updates from RELX’s Chief Compliance Officer
Financial review
on alleged and substantiated violations of the Ethics Code, and
significant matters raised through reporting channels, including
the Integrity Line. The updates covered the volume, type and
circumstances surrounding substantiated violations, actions and
lessons learnt and enabled the Board to assess culture with
regard to governance and compliance.
More information about the work of the Audit Committee is in its
report on pages 143 to 146.
Governance
other information
Financial statements and
106 RELX Annual Report 2022 | Governance

Board and Committees

The Board’s principal Committees and a summary of their key responsibilities are set out below. Each Committee has written
Terms of Reference, which are available on our website, www.relx.com.
Board Committees are principally supported by the Chief Executive Officer, Chief Financial Officer, Chief Legal Officer and
Company Secretary, and the Chief Human Resources Officer, although senior managers within the Group are invited to attend
meetings where appropriate. The Board’s annual programme and the agendas for the Committees are prepared by their
respective Chairs with support from the Company Secretary.

The Board

Audit Committee Remuneration Committee Nominations Committee Corporate Governance

Responsible for the oversight
of financial reporting, risk
management and internal
control policies, and the
effectiveness of the internal
and external audit processes.
The Committee comprises only
independent Non-Executive
Directors.
Responsible for approving the
remuneration policy for, and
setting the remuneration of,
the Group’s Executive Directors,
the Chair, and Senior Executives
below Board level. The
Committee comprises only
Non-Executive Directors.
Responsible for keeping under
review the composition of the
Board and its Committees; the
recruitment of new Directors;
ensuring orderly succession
plans for both the Board
and senior management;
and overseeing the
implementation of the Board’s
Inclusion and Diversity Policy.
The Committee comprises only
Non-Executive Directors.
Committee
Responsible for developing
and recommending corporate
governance principles to the
Board; reviewing ongoing
developments and best practice
in corporate governance,
and monitoring the structure
and operation of the Board
Committees. The Committee
comprises only Non-Executive
Directors.

Report of the Audit Directors’ Remuneration Report of the Nominations

Committee page 143 Report page 121 Committee page 119

Senior leadership
The Board delegates the day-to-day management of RELX to the Chief Executive Officer and a team of senior leaders, shown on
pages 100 to 101.

Board activities Matters reserved to the Board

The Board is collectively responsible for effective oversight of the
Company’s performance. It determines RELX’s strategy and
objectives and monitors and oversees its governance and risk
management and internal controls processes to ensure the
ongoing viability of its business areas. There are processes in
place to ensure that the Board receives relevant information at the
right time and with the appropriate level of detail to inform its
decision-making and effectively monitor management’s progress
in accordance with agreed strategy. The Board is further informed
by engagement with its key stakeholders, examples of which are
set out on pages 109 to 112.
The Board’s annual programme is designed to enhance its
understanding of RELX’s business areas. An overview of the
Board’s activities and key decisions taken in the year is set out on
pages 107 to 108.
There is a clearly defined schedule of matters over which the
Board retains responsibility and endorses all final decisions,
which is available to view at www.relx.com/investors.
Such matters include:
ƒApproval of RELX’s strategy and annual budget and changes to
the corporate or capital structure of the Company
ƒRELX’s risk appetite, risk management framework and
internal control systems
ƒCorporate governance arrangements, including Board and
Committee composition and Terms of Reference
ƒApproval of the Company’s Annual Report and periodic
financial statements and trading updates
ƒOversight of the Ethics Code reporting channels, including the
Integrity Line, for our workforce to raise concerns
ƒOther matters deemed material to the delivery of RELX’s
strategy or future financial performance, such as approval of
material acquisitions, major capital expenditure and
investments and its dividend policy
RELX Annual Report 2022 | Corporate Governance Review 107

Overview
Board activities during the year
Purpose and strategy ƒIn addition to regular management updates, a two-day strategy meeting was held in September 2022, to
debate and approve the three-year strategic plan for the Group for 2023 to 2025. RELX’s strategic priority
The Company’s continues to be the promotion of organic growth. The Board reviewed RELX’s value creation, capital
purpose, strategy, expenditure and areas for potential acquisitions across all four business areas and robust operational

Market segments
culture and values plans for delivery across RELX’s business areas for implementation by management.
statement is on
page 104
ƒAcquisitions form part of RELX’s strategy to support organic growth by expanding and developing its
product offering. The Board monitors capital expenditure and acquisition activities and reviews and
Read more about approves significant and key strategic transactions. Such acquisitions approved during the year included
RELX’s strategy and Interfolio, a provider of faculty information solutions for higher education which expands offerings for
business model on academic institutions, and BehavioSec, an advanced behavioural biometrics technology provider which
pages 5 to 9 enhances Risk’s device and digital identity-focused offerings.
ƒThe Board conducted reviews of RELX’s invested capital and capital structure during the year, including
financial performance, potential and completed acquisitions, net debt, returns on invested capital, credit
ratings, forecasts and financial market conditions and approved the annual budget.

Corporate Responsibility
ƒThe Board reviewed and approved the Company’s purpose, strategy, values and culture statement,
confirming that, in the context of its engagement with stakeholders and information received from
management, it continues to represent why and how RELX operates and the standards to which those
who work for and who represent RELX are held in the course of conducting our business and operations.
People, culture ƒThe RELX and Board Inclusion and Diversity policies were reviewed to ensure they remain fit for purpose
and values and continue to align with our desired culture and support our purpose and strategy. The Board received
inclusion and diversity-related data throughout the year.
Information about
Board engagement
ƒThe Board considers and approves all Board and Committee changes and has an ongoing succession
planning process for Director and senior leadership roles. For further information about succession
with our workforce
planning on page 120.
is on page 110

Financial review
Read about how we
ƒThe Board received updates on ongoing organisation and talent reviews across the business and
functional areas and monitored progress towards developing talent. Periodic updates were received
invest in and
from management to give visibility over the development of leadership capabilities across RELX and the
reward our
Board was satisfied that there are solid succession pipelines in place for management and leadership
workforce on
roles.
pages 44 to 49
Information about
ƒThe Board received presentations summarising data on our workforce, such as levels of employee
engagement, employee turnover, and demographics by location, division, gender, tenure, age, and
our I&D policies is
ethnicity (where data is available); and reviewed our policies and practices relating to recruitment, talent
on pages 44 to 49
development and remuneration, to ensure that these are consistent with our values and continue to
and 120
support our long-term sustainable success.
Environment, Social ƒRELX’s corporate responsibility activities formed a significant part of the Board’s agenda during the year

Governance
and Governance and these are overseen by the Board on an ongoing basis. Detailed information about RELX’s corporate
(ESG) responsibility objectives and its progress towards these, together with our TCFD disclosures, are
included in the Corporate Responsibility Report within this Annual Report, as approved by the Board.
Information about
RELX’s ESG activities
ƒThe Board undertook its biennial review of the Group’s Operating and Governance Principles, which set
out the processes, policies, controls, and related assurance activities in place to manage risk and which
is available in our
apply to all RELX employees.
Corporate
Responsibility Report ƒThe Board reviewed and approved the Company’s Modern Slavery Act Statement, which describes the
on pages 28 to 80 steps taken by the Company and its subsidiaries to ensure that modern slavery and human trafficking
were not taking place in the context of RELX’s business operations and its supply chain during the
previous year. Further information about how RELX manages an ethical and socially responsible supply
other information
Financial statements and

chain is available on pages 59 to 62.

108 RELX Annual Report 2022 | Governance

Risk management ƒThrough the work of the Audit Committee, and regular updates received from the Head of Internal Audit
and internal control and Assurance, the Board reviewed and agreed RELX’s principal and emerging risks and mitigation
strategies. Following a robust and thorough assessment of the risks identified, together with a detailed
The Company’s review of the Group’s financial position, the Board considered RELX’s ongoing viability and approved the
principal and emerging Company’s Viability Statement, as set out in this Annual Report.
risks and mitigation
strategies are set out
ƒThe Board reviewed the systems of risk management and internal control in operation during the 2022
financial year and determined that RELX’s control systems provide reasonable assurance against
on pages 88 to 93
material inaccuracies or loss and have functioned properly throughout the year.
The Company’s
Viability Statement is
ƒThe Board and Audit Committee oversaw the merger of the Group’s Audit and Risk Management (A&RM)
and Regulatory Controls and IT Security Assurance teams to create a combined Internal Audit and
on page 94
Assurance (IAA) function. The new structure enables greater knowledge sharing across the function and
Further information promotes concise and effective reporting to the Audit Committee. Risk management work previously
about the Group’s undertaken by A&RM is now undertaken by the Group Insurance and Risk team, enabling IAA to focus on
internal controls is on third line assurance matters, in line with best practice.
pages 117, 118 and 145
ƒIn line with feedback received during the 2021 Board evaluation, the Board continued to receive regular
updates on material cybersecurity risks and the Group’s mitigation strategies and received periodic
reports from the Head of Information Security and Data Protection. These covered protection, detection,
mitigation and response capabilities, cybersecurity capital expenditure and key cybersecurity priority
areas.
Shareholder matters ƒThe Board took the decision to suspend the Company’s share buyback programme in April 2020 due to
the uncertain business environment created by the Covid-19 pandemic. Following strong EBITDA
Details of the Board’s recovery over the course of 2021, the Board considered the Company’s financial position and budget
engagement with forecasts and determined it was appropriate to resume the programme in 2022. During the year, £500m
investors during the of RELX PLC shares were repurchased by the Company to be held in treasury. In December 2022, the
year are on page 109 Board approved a further share buyback programme of up to £150m worth of ordinary shares between
3 January 2023 and 13 February 2023.
Information about the
Company’s dividend ƒFollowing consideration of the growth prospects of the Company, together with relevant market factors
policy is on page 86 and the financial position of RELX, the Board declared an increased interim dividend for the year, and an
increased final dividend for 2021.
ƒThe Board considered and approved the proposed resolutions to be put to shareholders at the 2022 AGM,
which included the distribution of a final dividend for the year ended 31 December 2021 and re-approval
of the Company’s authority to purchase its own shares. Each of the proposed resolutions were
subsequently approved by shareholders at the meeting.
RELX Annual Report 2022 | Corporate Governance Review
Stakeholder engagement
During the year, the Board undertook a review of the Company’s key stakeholders and concluded that they remain unchanged from the
previous year. The Board received a detailed overview of stakeholder engagement channels and activities, and confirmed that it has
adequate visibility of the views of key stakeholders, which are taken into consideration in its decision-making. Further information about
the nature and outcomes of the RELX’s engagement with its stakeholders are detailed throughout this Annual Report and examples of
the Board’s engagement with key stakeholders are set out on the following pages.
Investors
Why effective engagement
is important
Engagement with our
investors helps them to
understand our strategy,
performance and
governance arrangements,
and to make informed
decisions concerning the
Company. It also makes
clear our prioritisation of the
long-term in our
decision-making and focus
on delivery of consistent
financial performance.
Our investors provide us
with input and feedback
concerning the development
and implementation of our
strategy, and we consider
their views when making
investment decisions.
109
Overview
Market segments
Forms of stakeholder engagement, their outcomes and how this has impacted Board
decision-making
Engagement with our investors is undertaken by members of the Board and at business level by senior
management and our Investor Relations, Corporate Responsibility and Treasury teams. The Board is
updated with feedback and commentary received from investors through business engagement,
investor roadshows and meetings with institutional shareholders in respect of our recent and proposed
activities. The Board receives regular reports on the Company’s share price and shareholder return
performance and a review of analyst commentary in response to the Company’s market
Corporate Responsibility
announcements and results publications.
Executive Directors and senior management gave a number of investor and analyst presentations
during the year to provide further detail and context to our published results and strategy plans. In
2022, senior leaders led a focused seminar on the STM business, covering our product offering and
strategy for delivering growth in this area, which builds on our teach-in sessions on Risk Business
Services and Legal Analytics from the previous year. Our investor presentations are available at
www.relx.com/investors.
The Company’s AGM is a valuable opportunity for the Board to interact directly with shareholders, to
hear their views and answer questions about the business of the meeting. The Company’s AGM in 2022
was held as an in-person meeting for first time since the Covid-19 pandemic. An audiocast was made
available on the day of the meeting and the Chair answered questions from shareholders.
Financial review
Decisions and outcomes of engagement include:
ƒOur engagement processes confirmed that investors in the main continue to understand and
support our organic growth strategy. The Board considered this when approving RELX’s three-year
strategic plan for 2023 to 2025, which leaves our strategic focus, and our priorities for uses of cash
generated by RELX, broadly unchanged
ƒFollowing consultation with shareholders representing approximately 60% of RELX’s issued share
capital, the Remuneration Committee oversaw development of the 2022 Directors’ Remuneration
Policy (set out on pages 136 to 142 (inclusive)), which will be put to shareholders for approval at the
Company’s AGM in 2023
Governance
ƒRELX’s material communications to investors, including trading updates, the Annual Report and
Notice of AGM were reviewed and approved by the Board prior to release
ƒIn respect of shareholder returns, the Board considered a range of investor and analyst views,
balancing the impact of returning capital to shareholders with stakeholder interests in other key
RELX financial metrics. The Board approved the quantum of the Company’s share buyback
programme for 2022 and recommended an interim and final dividend payment during the year.
See pages 108 and 147 for further information
ƒThe views of the wider investment community were considered when approving areas of focus
for RELX’s ESG activities, which are described in detail in our Corporate Responsibility Report
on pages 28 to 80
other information
Financial statements and
110 RELX Annual Report 2022 | Governance
Employees
Why effective engagement
is important
Our people’s well-being and their
commitment to the work they do are
essential to our future growth and
our aim to successfully build
long-term leading positions in
global growth markets.
RELX actively seeks feedback from
employees to understand their key
challenges and concerns and where
we can work to address these.
Hearing their views on what we do
well, and what we can do better, is
an important driver for
improvement and enables us to take
action to retain our best talent.
Effective engagement helps to
mitigate the risk of not being able to
recruit, motivate and retain skilled
employees and management, which
is recognised as a principal risk that
could impact RELX (detailed on
page 92).
Forms of stakeholder engagement, their outcomes and how this has impacted Board
decision-making
During the year, our Non-Executive Workforce Engagement Director, Marike van Lier Lels, met
with European, US and Asia-Pacific workforce representatives to learn about the experiences of
employees while working at RELX. Ms van Lier Lels reported to the Board on the matters
discussed, which included views on opportunities for personal and career development at
RELX, flexible working arrangements, responses to inclusion and diversity (I&D) initiatives, and
the ongoing support and communication from senior leaders and management.
Employee engagement routinely takes place at business level and matters of concern are
cascaded up through RELX’s management framework. The Board received regular reports
from management containing a range of employee data, including employee turnover and
demographic analysis, employee engagement survey results, compliance with RELX policies,
and concerns raised through Ethics Code reporting channels, including the Integrity Line. The
Board takes the time to review employee engagement and workforce data and takes this into
consideration during wider discussions.
The Company has a dedicated intranet for employees which is kept updated with news and
updates from across RELX and key messages from senior leadership.
Decisions and outcomes of engagement include:
ƒFeedback from employee panels on recent initiatives in the US aimed at recruiting and
developing diverse talent, indicated that these had been well received, and the Board
supported initiatives to further promote recruitment and talent development programmes
with specific focus on diversity. Further information is available on pages 44 to 49
ƒResults of employee consultations showed a favourable response to flexible hybrid working
arrangements and the Board supported senior management’s approach to continue to
actively consult with employees to find optimal, balanced and effective ways of working
ƒThe Board approved the introduction of the RELX PLC Employee Share Purchase Plan in the
US to enable a greater proportion of RELX employees the opportunity to purchase ADRs at a
discounted price. The plan, together with the existing Company share schemes which have
been refreshed and approved for renewal by the Board, will be put to shareholders for
approval at the Company’s AGM in 2023
ƒThe Board was updated on the positive impact of mentoring programmes which support
our I&D and talent development initiatives. For example, the RELX Women in Technology
Mentoring Programme was one of the main drivers of a 33% increase in the rate of promotion
of female technologists within RELX and the Board endorsed the Company’s introduction of a
new Women in Product mentoring programme
ƒThe Board received a presentation from the Head of Corporate Communications on focus
areas for 2022, to determine how to effectively deliver key information about the business to
the wider workforce
ƒThe welfare and security of our people remains a priority. The Board receives updates on the
support provided to colleagues affected by the conflict in Ukraine, the winding down of our
operations in Russia, and our ongoing compliance with the relevant sanctions imposed by the
international community
RELX Annual Report 2022 | Corporate Governance Review
Customers
Why effective engagement
is important
Our goal is to help customers
make better decisions, get
better results and be more
productive. We do this by
leveraging a deep
understanding of their needs
and views to create innovative
solutions.
Collaborating closely with our
customers is crucial for us to
understand where and how we
can improve the quality of our
services and products, and
enables us to make targeted
investment decisions, such as to
develop new or emerging
technologies or complement
our existing capabilities
through acquisition activity.
Suppliers
Why effective engagement
is important
RELX has a diverse supply chain
with suppliers located in over
150 countries across multiple
categories, which RELX
categorises as content
suppliers and non-content
suppliers.
Collaboration and two-way
dialogue with our suppliers
helps ensure that we are able to
maintain and improve the
quality of products and services
we provide to our customers.
Effective engagement
underpins our ability to
maintain an ethical supply
chain, giving us visibility of our
suppliers’ commitment to good
practices.
111
Overview
Forms of stakeholder engagement, their outcomes and how this has impacted Board
decision-making
Our engagement with customers takes place at an operational level across our business areas,
through our dedicated sales and operations teams and through customer training and workshops.
Market segments
Material customer issues are cascaded up to the appropriate senior management. The Board
received presentations during the year from customer-facing employees which detailed the nature
of our customer engagement and the actions taken by the business areas as a result. In 2022, the
Board received analysis of customers by sector and geography and data concerning the resilience of
the markets in which we operate. The Board reviewed customer survey data, Net Promoter Scores,
and customer usage volumes across our business areas.
Decisions and outcomes of engagement include:
ƒFeedback from our customers informed the Board and management’s assessment of the areas
in which RELX should build out new products and services, the speed at which this should be
undertaken, and where it should look to expand into higher growth adjacencies and geographies
over varying time horizons
Corporate Responsibility
ƒThe Board continued to monitor current and anticipated future customer demand and market
activity together with customer feedback, to understand how our product offerings address
customer requirements. This information informed the areas of focus for product development
and acquisitions and the level of investment required. The Board approved several significant
acquisitions during the year that complement RELX’s existing product range and enhance value
for our customers. More information about acquisitions during the year can be found on pages
10 to 27
Forms of stakeholder engagement, their outcomes and how this has impacted Board
Financial review
decision-making
Engagement with our content suppliers, which include the companies we licence content or data
from, as well as authors, editors, content reviewers and product designers, takes place principally
through ongoing dialogue with the relevant business area to which the content is provided. Content
supplier feedback is collected through direct relationships and regular business reviews, and
presented to the Board through updates from our business area leaders.
Our non-content suppliers represent more typical vendor-type relationships, such as IT software
and cloud service providers, or third parties to whom we have outsourced support function
activities. Engagement takes place at various levels throughout RELX. Feedback is reported to the
Board by business area leaders and the Global Head of Purchasing and Property.
Governance
Decisions and outcomes of engagement include:
ƒFeedback from content suppliers, including Net Promoter Scores and the outcomes of business
reviews, were considered by the Board and contributed to its consideration of the Group’s
three-year strategy plan for 2023 to 2025, and its assessment of mitigations in place for our
principal risks of customer acceptance of products and supply chain dependencies
ƒOur Supplier Code of Conduct has been translated into 16 languages for use across the Group.
As a result of continuing engagement, 99% of our core suppliers are now signatories to our code
ƒThe Board received reports on the outcomes of engagement with suppliers to inform its
discussions relating to supply chain risks and the assessment of the processes in place to
mitigate these. The Board continues to support our Socially Responsible Supplier (SRS)
other information
Financial statements and
programme. More details on the programme are on pages 59 to 62. The Board also reviewed and
approved our Modern Slavery Act Statement, available from www.relx.com, which sets out
the steps taken by the Company and its subsidiaries to prevent modern slavery and human
trafficking in its business and supply chain
112 RELX Annual Report 2022 | Governance
Community
Why effective engagement
is important
Our focus on community includes
those where we, our customers and
suppliers work around the world, as
well as the communities we serve,
including in science, academia, risk,
law and many other fields.
We prioritise positive dialogue with
our community stakeholders as we
believe they, collectively, provide
our ‘licence to operate’. Our efforts
are informed by our commitment to
the United Nations Global Compact
and its ten principles, focused on
human rights, labour, the
environment and anti-corruption –
all issues with wide societal impact.
Forms of stakeholder engagement, their outcomes and how this has impacted Board
decision-making
We engage with our community stakeholders through our unique contributions to society (see
pages 35 to 39), and through our comprehensive global community programme, RELX Cares.
The RELX Cares mission is the education of disadvantaged young people. Further information
about our RELX Cares projects and its contributions to the communities in which we operate is
on pages 55 to 58.
In accordance with the Business for Societal Impact model, we monitor the short- and
long-term benefits of our community engagement. We survey RELX Cares volunteers to
understand the impact of the programme on their personal development and how it affects
the way they feel about working at RELX. The Board received comprehensive updates on
community engagement during the year, including key metrics, objectives and outcomes. Board
feedback and support for community engagement shapes the direction of the programmes and
future plans.
Relevant ESG considerations are incorporated into business review and strategy papers
reviewed by the Board.
Decisions and outcomes of engagement include:
ƒThe Board continues to endorse RELX’s volunteering policy through which RELX employees
receive two days paid leave each year to undertake community volunteering work
ƒThe Board considered RELX’s environmental performance and supported new and ongoing
initiatives for minimising our environmental impact, including endorsing our commitment to
our reaching net zero by 2040. More information is in our Corporate Responsibility Report on
pages 63 to 72
ƒThe Board supports the businesses utilising their unique product offerings to support
causes in their communities. For example, during the year, STM provided researchers,
healthcare professionals and students in Ukraine free access to ScienceDirect, ClinicalKey,
Complete Anatomy and Osmosis products to help them continue their vital work during this
challenging time. More information is in our Corporate Responsibility Report on pages 28
to 80
RELX Annual Report 2022 | Corporate Governance Review
Division of responsibilities
Chair and Chief Executive Officer
There is a clear separation of the roles of the Chair, who leads the Board, and the Chief Executive Officer, who is responsible for
the day-to-day management of the Group. The table below summarises the key responsibilities of each of the director roles on the Board.
Key roles of the Directors
Chair
ƒProvides leadership of the Board, and is responsible
for its overall effectiveness in directing the Company
ƒEnsures that all Directors are sufficiently apprised of
matters to make informed judgements, through the
provision of accurate, timely and clear information
ƒPromotes high standards of corporate governance,
demonstrates objective judgement and promotes a
Board culture of openness and debate
ƒSets the agenda and chairs meetings of the Board
ƒChairs the Nominations and Corporate Governance
Committees
ƒFacilitates constructive Board relations and the
effective contribution of all of the Directors
ƒEnsures effective dialogue with shareholders
ƒEnsures the performance of the Board, its Committees
and individual Directors is assessed annually
ƒEnsures effective induction and development of Directors
Chief Executive Officer
ƒDay-to-day management of the Group, within the delegated
authority limits set by the Board
ƒDevelops the Group’s strategy for consideration and
approval by the Board
ƒEnsures that the decisions of the Board are implemented
ƒInforms and advises the Chair and Nominations Committee
on executive succession planning
ƒLeads communication with shareholders
ƒPromotes and conducts the affairs of the Company
with the highest standards of integrity, probity and
corporate governance
113
Overview
Market segments
Chief Financial Officer
ƒDay-to-day management of the Group’s financial affairs
ƒResponsible for the Group’s financial planning, reporting
and analysis
ƒEnsures that a robust system of internal control and risk
management is in place
ƒMaintains high-quality reporting of financial and
Corporate Responsibility
environmental performance internally and externally
ƒSupports the Chief Executive Officer in developing
and implementing strategy
Senior Independent Director
ƒLeads the Board’s annual assessment of the performance
of the Chair
ƒAvailable to meet with shareholders on matters where
usual channels are deemed inappropriate
ƒDeputises for the Chair, as necessary
ƒServes as a sounding board for the Chair and acts as an
Financial review
intermediary between the other Directors, when necessary
Non-Executive Directors
ƒBring an external perspective, and constructively
challenge and provide advice to the Executive Directors
ƒEffectively contribute to the development of strategy
ƒScrutinise the performance of management in
meeting agreed goals and monitor the delivery of
the Group’s strategy
ƒServe as members of Board Committees and chair
Governance
the Audit and Remuneration Committees
other information
Financial statements and
114 RELX Annual Report 2022 | Governance

Attendance at meetings of the Board and Board Committees

The following table shows the attendance by Directors at Board and Committee meetings during the year. Attendance is expressed as
the number of meetings each Director attended out of the number they were eligible to attend.

Committee Corporate
Director appointments Board (1) Audit Remuneration Nominations Governance

Paul Walker (Chair) R N C 7/7 – 5/5 5/5 5/5

Erik Engstrom – 7/7 – – – –

Nick Luff – 7/7 – – – –

Wolfhart Hauser R N C 7/7 – 5/5 5/5 5/5

Marike van Lier Lels N C 7/7 – – 5/5 5/5

Robert MacLeod R N C 7/7 – 5/5 5/5 5/5

Linda Sanford (2) R C 2/2 – 1/2 – 1/1

Andrew Sukawaty A C 7/7 4/4 – – 5/5

Suzanne Wood A C 7/7 4/4 – – 5/5

Charlotte Hogg A C 7/7 4/4 – – 5/5

June Felix (3) AA R C 7/7 3/4 3/3 – 5/5

Board Committee membership key

A Audit
R Remuneration
N Nominations
C Corporate Governance
Committee Chair

(1) In addition to the seven scheduled meetings, serving Directors also attended two full-day strategy and business review meetings.
(2) Linda Sandford retired from the Board and stepped down from the Remuneration and Corporate Governance Committees with effect from the conclusion of the Company’s
AGM 21 April 2022.
(3) June Felix joined the Remuneration Committee with effect from 21 April 2022. Ms Felix was unable to attend the July Audit Committee meeting.

Director independence and conflict of interest

The Board has in place formal procedures to evaluate and review the external commitments of each Director. Through the activities of
the Nominations Committee, the Board is satisfied that each Director has sufficient time to devote to their role at RELX in light of their
external appointments. In making its assessment, the Nominations Committee assessed both the number and nature of these external
commitments, and the positions that each Director holds on the RELX Board Committees, their current familiarity and experience with
RELX and how it operates, and our wider culture of encouraging inclusivity and diversity both at RELX and across wider society. Our
Non-Executive Letter of Appointment sets out the time commitment required by the Company from its Non-Executive Directors. When
receiving recommendations from the Nominations Committee for the appointment of any new Non-Executive Director, the Board always
takes into account the other demands on a potential Director’s time.
The Board has formal procedures to appropriately manage any actual or potential conflict of interest identified and monitors each
Director’s independence to ensure there is no third-party influence that could potentially compromise their independent judgement.
In accordance with the Company’s Articles of Association, the Board reviews, and authorises as appropriate, situations where a Director
has an interest that conflicts, or may possibly conflict, with those of RELX, and may impose conditions on such authorisations.
Additionally, where there are new external appointments, any related commercial relationships with RELX are reviewed, and any
potential conflicts of interest are dealt with following formal procedures.
RELX Annual Report 2022 | Corporate Governance Review 115

Overview
Composition, succession and evaluation Board changes during 2022
Linda Sandford stepped down from the Board from the conclusion
Board composition of the Company’s AGM on 21 April 2022, having served as a
As at the date of this Annual Report, the Board comprised the Director since 2012. Board composition throughout 2022 is set out
Chair, two Executive Directors and seven Non-Executive in the table on page 114.
Directors, who bring a wide range of skills, experience, industry
expertise and professional knowledge to their roles. An overview Board appointment procedure

of the gender balance, length of tenure and nationalities on the
Board is provided below.
Board skills and expertise
The Board collectively has a diverse range of skills and business
experience, which includes the following:
ƒCorporate strategy and governance
ƒExpertise in the finance and technology sectors
ƒOperational experience in RELX’s product markets
ƒExecutive board and leadership experience in large
Market segments
The Company has in place a rigorous procedure for the
appointment of new Directors to the Board. This involves the
preparation of a search specification by the Nominations
Committee and the engagement of an external search firm to
identify and propose candidates based on that specification.
Potential candidates are interviewed by a number of Board
members, including the Chair and the Chief Executive Officer,
together with the Chief Legal Officer and Company Secretary.
The candidates are considered in detail by the Nominations
Committee, and a recommendation is made to the Board
regarding any Director appointment. The Board then has a further

international listed groups
ƒAudit, risk and regulatory expertise
ƒWorkforce relations management and engagement
ƒExecutive remuneration
For further information on the skills of each individual Director,
please see pages 9 to 11 of the Notice of Meeting for our 2023 AGM.
Corporate Responsibility
opportunity to discuss, and if deemed fit, approve the appointment.
The Board acknowledges the benefits of diversity on the
effectiveness of Board discussions and quality of Board
decision-making, through the incorporation of different
perspectives and ideas. In line with our Board Inclusion and
Diversity Policy, diversity is taken into consideration when
evaluating the skills, knowledge and experience desirable to fill
each Board vacancy.

Financial review
Board composition as at 31 December 2022

Balance of Executive/Non-Executive Directors Gender diversity

Executive: 2

Female: 4

Governance
Chair: 1
Male: 6
Non-Executive: 7

Length of tenure of Non-Executive Directors and Chair Nationality of Directors

other information
Financial statements and

Over 9 years: 1 Dutch: 1

Swedish: 1

0–3 years: 2
British: 3
6–9 years: 2
German: 1

British, American, Irish: 1

3–6 years: 3 American: 3
116 RELX Annual Report 2022 | Governance

The Board may appoint Directors (subject to a maximum upper The Directors are provided with papers ahead of all scheduled
limit) to fill a vacancy at any time, although any Director so Board and Committee meetings, containing relevant information
appointed shall only hold office until the following AGM of the from management, and supporting information from external
Company, at which his or her election shall be voted upon by agencies and experts, as appropriate.
shareholders. Directors are then required to seek re-election by
Board evaluation
shareholders at each subsequent AGM of the Company. The
The Directors consider the evaluation of the Board, its
Notice of Meeting for the 2023 AGM provides information about the
Committees and members to be an important aspect of corporate
Directors standing for election or re-election, including their
governance. The Board undertakes an annual evaluation of its
skills and contributions to the Company’s long-term success, as
own effectiveness and performance, and that of its Committees
required by the Code.
and individual Directors.
As a general rule, letters of appointment for Non-Executive
Actions from the 2021 Board evaluation
Directors provide that, subject to annual re-election by
The 2021 Board evaluation process concluded that the Board and
shareholders, individuals will serve for an initial period of three
its Committees were operating effectively and did not highlight
years, and are typically expected to be available to serve for a
any significant areas for improvement. The Board agreed that they
second three-year period. If invited to do so, they may also serve
would continue to focus on succession planning at senior
for a third three-year period. The notice period applicable to the
management level, and that material cybersecurity risks faced by
Non-Executive Directors is one month.
the Group would continue to form part of the Board’s annual
Board induction and development agenda. The Board confirms that these actions have been
Following appointment, and as required, all Directors receive a appropriately addressed through the Board’s annual programme,
full, formal induction tailored to individual requirements based on with presentations and deep dives provided from senior
existing knowledge and experience. The Chair and Company leadership throughout the year.
Secretary are responsible for ensuring an effective induction
Further information about Board activities is on pages 107 and
programme for all new Directors.
108.
For Directors to effectively discharge their responsibilities, it is
2022 Board evaluation
important that they regularly refresh and update their skills and
In 2022, the Board evaluation process was conducted internally,
knowledge. The Board’s annual programme is designed with this
supported by the Company Secretary. Questionnaires were
in mind, and includes deep dive reviews into different business
completed by all Directors to provide feedback and commentary
areas each year. During 2022, the Directors took part in a deep
on the following areas:
dive into the Risk and STM business areas, covering financial and
operational performance by segment, product development and ƒBoard composition and effectiveness
strategic plans. During the year, the Board also reviewed legal
matters, HR strategy and cybersecurity risks and mitigation,
ƒQuality of information provided by management
among others. ƒBoardroom culture and dynamics
During the year, the Audit Committee undertook a deep dive into ƒEffectiveness of the Board’s oversight of strategy
capital investment in Legal. The session was led by the Chief development, setting and monitoring the RELX’s culture and
Financial Officer of Legal and covered infrastructure/cloud values, financial performance, market developments,
migration and product development. stakeholder relations (including the Board’s understanding
and visibility of the views of RELX’s stakeholders and how
Board information and support
these inform its decision-making process), talent and
Each of the Directors has access to the services of the Company
succession, inclusion and diversity, risk and governance
Secretary, who is responsible for the accurate and timely flow of
information to the Board. The Company Secretary advises the ƒThe structure, leadership and overall effectiveness of each of
Board on all corporate governance matters, and ensures that all the Board’s Committees
Board procedures are followed correctly. The Directors also have
The Chair conducted individual performance reviews with each
access to other members of RELX’s management, staff and
Non-Executive Director and the Senior Independent Director led
external advisers. They may take independent professional advice
the appraisal of the Chair’s performance by the other Directors.
in the furtherance of their duties to the Company, at the
Company’s expense. Individual Director performance
Individual Director performance and contributions were assessed
Each of the Directors is expected to attend all meetings of the
through one-to-one meetings with the Chair. The evaluation
Board and Committees of which they are a member. However,
facilitated reflection on personal development and discussion and
where a Director is unable to attend a Board or Committee
feedback on Board matters. The evaluation found that each
meeting, they are provided with the papers relating to that
Director continues to contribute positively and effectively to Board
meeting and are able to discuss matters arising with the
and Committee discussions, providing external insights and
respective Chair and with other Board and Committee members.
constructive challenge to management on matters of strategy and
They are also provided with a copy of the minutes after each
governance.
meeting.
RELX Annual Report 2022 | Corporate Governance Review
Through the evaluation process it was also confirmed that each
Non-Executive Director (with the exception of the Chair) remains
independent. Each Director was also found to continue to have
sufficient time to devote to their role.
Chair’s assessment
The performance of the Chair was evaluated by the Senior
Independent Director, with feedback provided by each of the
Directors. Directors felt the transition to a new Chair had been
well handled. They reported that he provided strong leadership to
the Board during the course of the year, facilitates effective
contributions from Non-Executive Directors and open and
constructive communication between Board members. He had
also established constructive relationships with members of
senior management. He further promoted constructive
relationships between Board members and senior leadership.
Conclusions of the 2022 Board evaluation
Overall the evaluation found a high level of satisfaction collectively
among the Directors with the way in which the Board and its
Committees operate. Strategy discussions were found to be
effective in developing a deeper understanding of the Group’s
strategic, financial and business objectives among Board
members. The Directors thought that the Board’s composition,
including its diversity and collective skills, and the group’s
dynamics and culture of openness and debate, all contributed to
highly effective meetings, which were found to be well governed.
Board papers were thought to be appropriate and timely, and
Board agendas effectively covered critical issues.
The outcome of the Board assessment exercise confirmed that the
Board and its Committees continue to function effectively and
collaboratively with an appropriate level of engagement with
management. The importance of a continued focus on the
competitor landscape and on the key risks facing the Group,
including cyber and data security, was recognised. Maintaining
effective levels of engagement with RELX’s key stakeholders and
continuing to promote constructive relationships between the
Non-Executive Directors and management should remain
priorities for the Board. While there were no specific areas
identified where significant improvement is required, continued
focus on key issues with open and transparent dialogue are
recognised as key drivers of the Board’s effectiveness.
Audit, risk and internal control
Internal control and risk management
The Board has overall responsibility for overseeing RELX’s
systems of risk management and internal control and monitoring
the processes for identifying, assessing and managing the
principal and emerging risks faced by the Company. These
systems are designed to manage and mitigate, rather than totally
eliminate, risks to the business. Accordingly, they can provide
reasonable, but not absolute, assurance against material
misstatement or loss. These processes were in place throughout
the year ended 31 December 2022, and up to the date of approval of
the 2022 Annual Report. Further details of RELX’s risk
management systems and the principal and emerging risks facing
the Company, together with our mitigation strategies are set out
on pages 88 to 93 of this Report.
117
Overview
Risk management and control procedures are embedded into the
operations of the business and include the monitoring of progress
in areas for improvement that come to management and Board
attention.
To provide reasonable assurance against material inaccuracies or
loss, and of the effectiveness of the systems of internal control and
Market segments
risk management, RELX has adopted the three lines of defence
assurance model as set out below.
1st line of defence
RELX businesses maintain systems of internal
control which are appropriate to the nature and
System of Internal Control
scale of their activities and address all significant
strategic, operational, financial, legal and
RELX Operating and Governance Principles
compliance risks that they face
Corporate Responsibility
2nd line of defence
Central functions that are responsible for
1) designing policies, 2) introducing and sharing best
practice, 3) monitoring and evaluating compliance
with RELX policies and relevant legislation and
regulation and appropriate remediation
3rd line of defence
Internal audit provides independent assurance on
the effectiveness of the 1st and 2nd lines of defence
Financial review
The Board and Audit Committee
Note: In addition to RELX’s internal controls, RELX is also audited externally.
The report of the external auditor has been included from pages 154 to 161.
The risks facing RELX are regularly reported to and assessed by
the Audit Committee and the Board, as appropriate. RELX
operates authorisation and approval processes throughout its
operations. Access controls exist where processes have been
automated to ensure the security of data. Management
Governance
information systems have been developed to identify risks and to
enable assessment of the effectiveness of the systems of internal
control. With the close involvement of operating management and
central functions, the risk management and control procedures
aim to ensure that RELX is managing its business risks effectively
and in a coordinated manner across the business areas with
clarity on the respective responsibilities and interdependencies.
Litigation, and other legal and regulatory matters, are managed by
legal directors in the business areas.
The Audit Committee has responsibility for monitoring the Group’s
risk management and internal control procedures and reports to
other information
Financial statements and
the Board as appropriate. The Audit Committee received periodic
updates from RELX’s Chief Compliance Officer on alleged and
substantiated violations of the Ethics Code, and related training,
monitoring and communications programmes. Such updates
covered the volume, type and circumstances surrounding
substantiated violations, subsequent actions and lessons learnt.
Further information about the work of the Audit Committee is set
out in the Audit Committee report on pages 143 to 146.
118 RELX Annual Report 2022 | Governance
US certificates
As required by Section 302 of the US Sarbanes-Oxley Act 2002
and by related rules issued by the US Securities and Exchange
Commission (the Commission), the Chief Executive Officer and
Chief Financial Officer of the Company certify in the 2022 Annual
Report on Form 20-F to be filed with the Commission that they are
responsible for establishing and maintaining disclosure controls
and procedures and that they have:
ƒdesigned such disclosure controls and procedures to ensure
that material information relating to RELX is made known to
them
ƒevaluated the effectiveness of RELX’s disclosure controls and
procedures
ƒbased on their evaluation, disclosed to the Audit Committee
and the external auditors, all significant deficiencies in the
design or operation of disclosure controls and procedures and
any frauds, whether or not material, that involve management
or other employees who have a significant role in RELX’s
internal controls
ƒpresented in the 2022 Annual Report on Form 20-F their
conclusions about the effectiveness of the disclosure controls
and procedures
ƒdesigned internal controls over financial reporting, or caused
such internal control over financial reporting to be designed
under their supervision, to provide reasonable assurance
regarding the reliability of financial reporting
A Disclosure Committee, comprising the Company Secretary and
other senior managers, provides assurance to the Chief Executive
Officer and Chief Financial Officer regarding their Section 302
certifications.
Section 404 of the US Sarbanes-Oxley Act 2002 requires the
Chief Executive Officer and Chief Financial Officer of the Company
to certify in the 2022 Annual Report on Form 20-F that they are
responsible for maintaining adequate internal control structures
and procedures for financial reporting and to conduct an
assessment of their effectiveness. The conclusions of the
assessment of internal control structures and financial reporting
procedures, which are unqualified, are presented in the 2022
Annual Report on Form 20-F.
RELX Annual Report 2022
Report of the Nominations Committee
This report has been prepared by the Nominations Committee
and has been approved by the Board.
Membership
The Nominations Committee comprises only Non-Executive
Directors, the majority of whom are deemed to be
independent, in accordance with the requirements of the UK
Corporate Governance Code (the exception being the Chair,
who was independent upon his appointment to the Board).
The Directors who served on the Committee during the
year were:
ƒPaul Walker (Chair of the Committee)
ƒWolfhart Hauser
ƒRobert MacLeod
ƒMarike van Lier Lels
Role of the Nominations Committee
The role and responsibilities of the Nominations Committee
are set out in written Terms of Reference which are available
on the Company’s website at www.relx.com.
The principal role of the Committee is to provide assistance
to the Board by identifying individuals qualified to become
Directors and recommending to the Board the appointment
of such individuals. Its key responsibilities include:
ƒReviewing the size and composition of the Board ensuring
that it maintains an appropriate balance of skills,
experience, knowledge and diversity
ƒReviewing the external commitments of each Director to
ensure that he/she has sufficient time to devote to their
role at RELX
ƒEnsuring plans are in place for orderly Board and senior
management succession and to oversee a diverse pipeline
for such succession
ƒOverseeing recruitment of new Directors and
recommending candidates to the Board
ƒReviewing Committee membership and succession
planning
ƒTo make recommendations to the Board in relation to
the re-appointment of any Non-Executive Director at
the conclusion of his/her specified term of office and
the election or re-election of Directors following a
review of the performance of individual Directors from
the Board evaluation process
ƒReviewing the Board and Group Inclusion and Diversity
policies, to ensure they continue to be effective and fit
for purpose
ƒMaking recommendations to the Board about the
authorisation of Directors’ conflicts of interest, including
any terms to be imposed in relation to a Director’s conflict
of interest
119
Overview
Activities of the Committee during the year
The Committee met five times in 2022.
The activities of the Committee during the year included:
ƒConsidering and recommending the re-appointment of
Charlotte Hogg, Robert MacLeod and Andrew Sukawaty at
Market segments
the conclusion of their respective specified terms of office
ƒReviewing Board and Committee size, composition and balance
following the retirement of Linda Sanford as a Non-Executive
Director at the conclusion of the Company’s 2022 AGM, and
recommending a successor for Linda Sandford’s role on the
Remuneration Committee
ƒSuccession planning for the roles of Senior Independent
Director and Remuneration Committee Chair in anticipation
of Dr Wolfhart Hauser’s retirement from the Board at the
conclusion of the Company’s AGM in 2023
ƒOngoing succession planning for Board and senior
Corporate Responsibility
management roles
ƒMonitoring Directors’ actual and potential conflicts of interest
ƒRecommending to the Board the suitability of Directors’
external director appointments
ƒReviewing the Committee’s Terms of Reference and
determined that these continue to be fit for purpose and
effective
ƒRecommending to the Board the inclusion of this Committee
Financial review
Report in the 2022 Annual Report and Financial Statements
Board and Committee composition
The Nominations Committee is responsible for keeping under
review the structure, size and composition of the Board and its
Committees and making recommendations to the Board for
any changes that may be deemed necessary or beneficial. The
Committee aims to ensure that the Board and its Committees
have an appropriate balance of skills, knowledge and experience
to effectively lead the Group both now, and in the future,
with due regard to the Board’s Inclusion and Diversity Policy.
This is achieved through effective succession planning and
Governance
talent development, and an understanding of the changing
competencies required to support the Company’s strategy,
purpose, culture and values.
Linda Sandford retired from the Board with effect from the
conclusion of the Company’s 2022 AGM, at which time she also
stepped down from her role on the Remuneration Committee. The
Nominations Committee reviewed the size and composition of the
Remuneration Committee in light of Linda Sandford’s departure
and considered which of the Non-Executive Directors was best
placed to join the Remuneration Committee. It determined that
June Felix has a broad range of appropriate skills and experience
other information
Financial statements and
to enhance Remuneration Committee discussions and would
have sufficient capacity to undertake an additional Committee
membership. The Committee recommended to the Board that
June Felix be appointed to replace Linda Sandford.
As at 31 December 2022, the Board comprised 40% women and,
in line with the recommendations of the Parker Review, has at
least one Board member from a minority ethnic background.
Further details about Board composition are set out on page 115.
120 RELX Annual Report 2022 | Governance

Independence of the Non-Executive Directors Executive and management succession planning

Each year, the Committee reviews the independence of the The Board is committed to recognising and nurturing talent
Company’s Non-Executive Directors, including whether a across the Group and overseeing the development of a strong
Director’s length of service has or may impact his or her ability talent pipeline to senior leadership and executive roles.
to remain independent in character and judgement while The Committee received detailed updates during the year
performing his or her duties. from the Chief Executive Officer on succession plans for senior
management roles. This included broad views on potential
A robust assessment was undertaken in February 2022,
timings and implications for diversity in those positions.
with regard to Dr Wolfhart Hauser remaining on the Board for
longer than nine years, which is a circumstance the Code deems The Committee is satisfied that appropriate succession planning
could impair the independence of a Non-Executive Director. arrangements were in place during the year to facilitate
The assessment concluded that Dr Wolfhart Hauser continues appropriate and effective succession across senior management
to make valuable contributions to the Board, continues to roles, supported by a strong pipeline of candidates.
constructively challenge management and members of the
Board Inclusion and Diversity Policy
Board as appropriate, and that there was no impairment to his
The Committee is responsible for monitoring progress towards
independence resulting from his tenure. It was further considered
the Board’s diversity objectives, as set out in the Board Inclusion
to be in the best interests of the Company that Dr Wolfhart Hauser
and Diversity Policy. The Policy states that the Board should
continue in his role as Senior Independent Director to support the
be structured with an effective balance of skills, experience
recent transition of Board Chair. The Committee recommended to
and knowledge to advance the Group’s strategy for all of its
the Board that Dr Wolfhart Hauser remain on the Board until the
stakeholders. The benefits of all aspects of diversity should be
conclusion of the Company’s AGM in 2023, to which he agreed.
considered, including, but not limited to, gender and ethnicity,
This will enable an orderly succession for the roles of Senior
and with due regard to merit measured against objective criteria.
Independent Director and Remuneration Committee Chair.
The Policy requires that, when searches for an appointment to the
The Board considers that each of the Non-Executive Directors,
Board are conducted by the Company or by external search firms,
with the exception of the Chair whose independence was not
they will identify and present a gender-balanced list of diverse
assessed, but who was deemed to be independent upon on his
and qualified potential candidates.
appointment to the Board, to be independent of management
and free from any business or other relationship which could Group Inclusion and Diversity Policy
materially interfere with their ability to exercise independent The Group I&D Policy fosters a positive environment where
judgement. employees feel valued regardless of their gender, national origin,
ethnicity, religion, sexual orientation and/or identity, age or
In line with the requirements of the Code, each of the Directors
disability status. It advances the Company’s strategy by ensuring
will retire at the AGM in 2023 and, with the exception of Dr Wolfhart
the engagement of all employees; fosters innovation by
Hauser who will be retiring from the Board, be recommended
harnessing the collective strength of their diverse backgrounds
by the Board for re-election by shareholders.
and experiences to generate innovative products and solutions
Board and Committee succession planning that drive value for our customers; and helps us attract and
When reviewing Board composition, the Nominations Committee retain employees who are important to our future.
considers, amongst other things, length of tenure and the need
During the year, RELX has continued to implement its inclusion
for and benefits of membership being regularly refreshed.
strategy to advance progress towards its 2020-2025 inclusion
In addition, it is cognisant of the skills and experience required for
goals. This covers all aspects of diversity and aims to translate
an effective Board, RELX’s Board Inclusion and Diversity (I&D)
the Group I&D Policy into tangible and measurable actions.
Policy and recent amendments to the UK Listing Rules designed
Full details of the strategy and progress towards fulfilling our
to promote greater female and ethnic minority representation.
I&D initiatives is set out in our Corporate Responsibility Report
All appointments to the RELX Board, and each of its Committees,
on pages 44 to 49.
are based primarily on merit and the suitability of an individual for
any given role. The Committee continues to keep under review, on A breakdown of gender diversity across RELX’s management
an ongoing basis, the structure, size and composition of the Board and senior leadership is set out on page 47.
and its Committees, making recommendations to the Board as
Committee evaluation
appropriate. Effective succession planning contributes to the
The evaluation of the Committee determined that it was well
delivery of the Group’s strategy by ensuring the desired mix of
governed and effective in carrying out its role in accordance with
skills and experience of Board members now and in the future.
its Terms of Reference.
Board succession planning and refreshment was a regular
Details of the full Board evaluation process are on pages 115 to 117.
agenda item at the Committee’s meetings during 2022, and
Russell Reynolds Associates has been engaged to support the
Board in the search for an additional Non-Executive Director.
The Board confirms that none of the Directors have any connection
with executive search firms utilised by the Company. Following
the retirement of Dr Wolfhart Hauser, Suzanne Wood will take
on the role of Senior Independent Director, and Robert MacLeod
will take on the role of Chair of the Remuneration Committee,
with effect from the conclusion of the Company’s AGM in 2023.
RELX Annual Report 2022 121

Directors’ Remuneration Report

Overview
The Directors’ Remuneration Report has been prepared by the Remuneration Committee (the Committee) in accordance with the
UK Corporate Governance Code, the UK Listing Rules and Schedule 8 of the Large and Medium-sized Companies and Groups
(Accounts and Reports) Regulations 2008, as amended (the UK Regulations). The Report was approved by the Board.

The current remuneration policy was approved by shareholders at the 2020 Annual General Meeting (AGM) for three years and can be
found on pages 90 to 96 of the 2019 Annual Report and Financial Statements available on relx.com. An updated remuneration policy is

Market segments
therefore being proposed to shareholders for approval (by way of a binding vote) at the 2023 AGM, with the first awards under the new
policy to be granted in the first quarter of 2024. The updated remuneration policy, which would apply for three years, is set out on
pages 136 to 142.
The implementation of the current policy during 2022 is detailed in the Annual Remuneration Report on pages 122 to 135. Shareholders
will be invited to vote (by way of an advisory vote) on the 2022 Annual Remuneration Report at the 2023 AGM.

Proposed Remuneration Policy

The Committee reviewed the current remuneration policy during 2022. In doing so, it sought to ensure that executive remuneration is
aligned to the Company’s purpose and values and is clearly linked to the successful delivery of its long-term strategy. The Committee
also considered the feedback received from investors and proxy agencies since the adoption of the current policy and market practice

Corporate Responsibility
trends in FTSE 30 and considered the fact that, as a global data analytics and technology-driven business with over half of its revenue
derived from the US market, the Group primarily competes for talent with global information and technology companies.
The current Policy was approved by shareholders with 93.42% voting in favour and remuneration reports over the past three years have
received over 90% support.
In 2017, the Company simplified the incentive structure by reducing the number of plans to one Annual Incentive Plan (AIP) (with a share
deferral element added) and one Long Term Incentive Plan (LTIP).
Further significant changes were made in 2020, where we:
ƒaligned the value of pension benefits for newly appointed Executive Directors with the value of those benefits provided to the broader
workforce and committed to a pathway for achieving the same alignment for current Executive Directors by 31 December 2022;

Financial review
ƒreduced the AIP payout at target performance to 135% of base salary;
ƒincreased the proportion of the AIP payment deferred into shares to 50% of the AIP earned;
ƒincreased the minimum weighting of financial measures in the AIP to 85% with any non-financial measures focused on sustainability;
ƒincreased the CEO’s shareholding requirement to 450% of base salary; and
ƒamended the shareholding requirements to make executive directors subject to their full shareholding requirement for two years
after leaving the Company.
In 2022, the Committee undertook a review of workforce remuneration and related policies and the alignment of incentives and rewards
with culture. Further detail is set out on page 122. The Committee took this into account when considering the proposed new
remuneration policy for Executive Directors.

Governance
The Committee was also mindful to ensure that the remuneration policy is transparent, easy to understand, and provides an appropriate
link to long-term performance.
Our long-term strategic priority is unchanged: the organic development of increasingly sophisticated information-based analytics
and decision tools that deliver enhanced value to our customers, supplemented by targeted acquisitions. The Committee believes that
the current remuneration structure effectively supports the strategy. Performance measures in the incentive plans align with the
strategy and the financial key performance indicators on page 6 of the Annual Report, by focusing on sustained earnings growth, return
on invested capital and shareholder returns in the LTIP. The AIP is based on revenue, profit, cash flow and sustainability metrics and
focuses on annual objectives and milestones and creates a platform for sustainable future performance.
The Committee considers that the current remuneration structure provides clear line of sight and understandable outcomes. It is
designed to promote long-term success and the pay mix is therefore focused on long-term variable pay. AIP deferral, LTIP holding
period post vesting, shareholding requirement (including post leaving) and malus and clawback provisions all provide further alignment
other information
Financial statements and

with long-term sustainable performance.

The Committee therefore determined to propose only minor changes to the current policy:
ƒreduce the level of vesting for threshold performance in the LTIP from 25% of the maximum opportunity to 20%;
ƒexpand the list of malus and clawback triggers, which will apply for three years following the AIP cash payment and five years from
the start of each LTIP performance period, and enable the Committee to delay vesting and the application of malus and clawback in
case a participant is subject to an internal investigation regarding a serious breach of any of the triggers.
Earlier this year, we engaged with shareholders representing c60% of our issued capital and shareholder representative bodies on the
proposed Policy. The feedback received to date was positive.
122 RELX Annual Report 2022 | Governance

Annual Remuneration Report

As you have seen from the financial results presented earlier in the annual report, the Company achieved a very strong performance
in 2022. Underlying revenue growth accelerated to 9%. Underlying adjusted operating profit grew by 15% and at constant currencies,
adjusted EPS grew by 10%. We are proposing an increase in the full-year dividend of 10%. Our Total Shareholder Return outperformed
the FTSE 100 over the last three, five and ten year periods as shown on page 132.
The purpose of RELX is to benefit society by developing products that help researchers advance scientific knowledge; doctors and
nurses improve the lives of patients; lawyers promote the rule of law and achieve justice and fair results for their clients; businesses and
governments prevent fraud; consumers access financial services and get fair prices on insurance; and customers learn about markets
and complete transactions. Our purpose guides our actions beyond the products that we develop. It defines us as a company. Every day
across RELX our employees are inspired to undertake initiatives that make unique contributions to society and the communities in which
we operate. We see what we do as a company as being an integral part of our commitment to environmental, social and governance (ESG)
performance. We have set corporate responsibility objectives which reflect our focus on our unique contributions to society and
align to the United Nations Sustainable Development Goals (SDGs) to do our part to advance this ambitious global agenda by 2030.
We are continuing to reduce our environmental impact to meet our 2025 environmental targets. Our performance continues to be
recognised by external rating agencies. RELX maintains its AAA ESG rating with MSCI for the seventh consecutive year and is fourth
in the Responsibility 100 Index of FTSE 100 companies measured against the United Nations SDGs. Sustainalytics ranked us first
globally in our sector for our ESG performance. More information can be found on pages 28 to 72.
2022 outcomes
Consistent with the approach taken last year and disclosed in last year’s report, the targets of RELX excluding Exhibitions (RX) were
separated from those of RX for purposes of the 2022 AIP and the 2020-2022 LTIP cycle, assigning a weight of 90% in the AIP for RELX
excluding RX and 10% for RX. The Committee also set a cap on the payout of the AIP of 90% of maximum if RX’s adjusted operating profit
in 2022 did not exceed 2021, and set a cap on overall 2020-2022 LTIP payout at 90% of the maximum. The targets remain unchanged from
when these were set at the beginning of the cycle.
All business areas have delivered strong organic revenue and adjusted operating profit growth rates. These results drove an AIP payout
of 76% of the maximum. Details of our targets and achievements for the year are shown on pages 125 and 126.
The three largest business areas performed strongly during the entire performance period and TSR outperformed our UK and
European peer groups. Whilst RX continued its strong recovery in 2022, it was impacted by government-imposed restrictions affecting
its ability to run events during the performance period. As a result, the LTIP payout is 70% of the maximum. Details of our targets and
achievements are shown on page 127.
In determining the level of payout under the annual and the multi-year incentives, the Committee took into account RELX’s overall
business performance and value created for shareholders and other relevant factors and determined that the outcomes were fair
and appropriate and applied no discretion to the payouts.
Broader employee considerations
In 2022, the Committee reviewed information on workforce remuneration and related policies, including:
ƒkey statistics on the composition of the RELX workforce such as location, gender, ethnicity, age and length of service;
ƒpay philosophy and the evolution of our pay practices, including pay equity processes;
ƒannual salary increase guidelines globally;
ƒdetails of the pension plan arrangements in our top five countries by number of employees;
ƒparticipation data on annual incentives (sales and non-sales) and share plans;
ƒemployee surveys conducted during the year. In addition, our designated Non-Executive Director responsible for workforce
engagement, Marike van Lier Lels, continued to meet with employee representatives from Europe, US and Asia Pacific during 2022
and reported back to the Board. Further information on the workforce engagement process is provided in the Governance section
on page 110.
When determining the remuneration for Executive Directors and Senior Executives, the Committee considers business and individual
performance as well as other factors including broader employee reward.
The Committee is satisfied that the overall remuneration for Executive Directors is appropriate and fair having considered external
and internal relativities.
The Committee is satisfied that the incentive schemes drive the desired behaviours to support the Company’s purpose, values
and strategy.
The Committee also considers broader performance factors when determining payouts.
RELX Annual Report 2022 | Directors’ Remuneration Report 123

Overview
Implementation of the Remuneration Policy in 2023
The Committee has approved 2023 salary increases for the Executive Directors of 2.5%.
As outlined in previous reports, from 1 January 2023, the CEO and CFO receive cash in lieu of pension of 11% of their salary, in line with
the regular defined contribution plans (currently capped at 11% in the UK).
Targets for the 2023 AIP and the 2021-2023 LTIP are no longer split between RELX excluding RX and RX.

Market segments
Further details regarding the implementation of the policy in 2023 can be found on page 134.
This will be my last Directors’ Remuneration Report as I will be stepping down from the Board after the AGM. Robert MacLeod will take
over the role of Remuneration Committee Chair, having served on the Committee for six years. It has been a pleasure to work with my
fellow Committee members, both past and present, over the past 10 years. I would also like to thank shareholders for their feedback and
engagement on remuneration whilst I have been Chair.
Wolfhart Hauser
Chair, Remuneration Committee

Corporate Responsibility
Financial review
Governance
other information
Financial statements and
124 RELX Annual Report 2022 | Governance

Annual Remuneration Report

Single Total Figure of Remuneration – Executive Directors (audited)
(a) (b) (c) (d) (e) (f)
Annual incentive
Deferred Share based Total fixed Total variable
£’000 Salary Benefits(1) Cash Shares(2) awards(3) Pension(4) Total remuneration(5) remuneration(5)
Erik Engstrom 2022 1,345 82 1,023 1,023 4,600 141 8,214 1,568 6,646
2021 1,312 82 1,134 1,134 5,262 635 9,560 2,030 7,531
Nick Luff 2022 792 15 602 602 2,257 127 4,395 933 3,462
2021 773 15 668 668 2,582 139 4,844 926 3,918
(1) Benefits are typically comprised of a car allowance, private medical/dental insurance and the cost of tax return preparation.
(2) 50% of the AIP is paid in shares deferred for three years. Dividend equivalents accrue on these shares.
(3) The 2022 figures reflect the vesting of the 2020–2022 cycle of the LTIP. As the LTIP vests after the approval date of this Report, the
average share price for the last quarter of 2022 has been used to arrive at an estimated figure in respect of these awards, in line with
the methodology prescribed by the UK Regulations.
The estimated figures for 2021 disclosed in last year’s Report have been restated to reflect the actual amount of the 2019-2021 cycle
of the LTIP vested and the actual share price, which decreased the 2021 disclosed figure by £73k for the CEO and by £36k for the
CFO. The vesting percentage was determined on 11 February 2022 and was in line with the one disclosed on page 105 of the 2021
Remuneration Report.
For Erik Engstrom, the amount that directly reflects share price appreciation is £1.1m for 2021 and £0.4m for 2022. For Nick Luff,
these numbers are £0.5m for 2021 and £0.2m for 2022.
The awards are due to vest in February 2023 and the 2022 figures will be restated in next year’s report to reflect actual values
at vesting.
(4) Erik Engstrom was a member of the legacy UK defined benefit pension plan until 31 March 2022, at which time he opted out of the
plan. For the remainder of 2022, he received cash in lieu of pension of 14% of his base salary, in line with the policy for all participants
opting out of the plan, and this amount is reflected in the table. From 1 January 2023, his cash in lieu of pension reduced to 11% of
base salary. At the time he opted out of the legacy defined benefit plan, his accrued annual pension was £618,770. During the first
quarter of 2022, the Company contributed £12,221 and Mr Engstrom paid £113,251 in total contributions and fees in respect of his
participation in the defined benefit plan for the quarter in which he was still a member of that plan. Since Mr Engstrom’s total
contributions and fees that he paid to the plan were greater than the difference in accrued pension as calculated according to the UK
Regulations, there is no value to be shown for the defined benefit element in the single figure, and it therefore solely reflects the
cash in lieu received from 1 April 2022 to the end of the year.
Nick Luff received cash in lieu of pension of 16% of base salary in 2022, which reduced to 11% from 1 January 2023.
(5) Total fixed remuneration includes base salary, benefits and pension. Total variable remuneration includes annual incentive
and share based awards.
Some figures and subtotals add up to different amounts than the totals due to rounding.
The total remuneration for Directors is set out in note 25 to the consolidated financial statements.
The AIP and LTIP performance measures and targets are shown on the following pages.
RELX Annual Report 2022 | Directors’ Remuneration Report 125

Overview
2022 Annual Incentive
As noted in last year’s report, the Committee had determined to continue to separate the targets of RELX excluding RX from those of RX
in the AIP, assigning a weight of 90% for RELX excluding RX and 10% for RX. Given RX’s faster than anticipated recovery during 2022,
the split of the AIP resulted in a lower AIP payout than would have been the case had the targets not been split.
The Committee had also determined to set a cap on the payout of 90% of maximum in case RX’s adjusted operating profit in 2022 did

Market segments
not exceed 2021. And as always, the Committee retained the right to consider if the resulting payouts are fair and appropriate in the
circumstances at that time and, if not, potentially exercise its discretion to adjust the payouts.
Set out below is a summary of performance against each financial and non-financial measure and the resulting payout for 2022:

Relative Financial targets (1)

weighting Achievement Payout % Payout %
Performance measure % at target Threshold Target Maximum Achievement % vs target vs target of max (2)
Revenue
RELX excl RX 27.0% 7,094 7,547 7,925 7,600 100.7% 107.0% 71.3%
RX 3.0% 550 733 990 953 130.0% 142.9% 95.3%
Revenue – Total 30.0% 110.6% 73.7%

Corporate Responsibility
Adjusted net profit after tax
RELX excl RX 27.0% 1,748 1,860 1,953 1,836 98.7% 80.5% 53.7%
RX 3.0% 44 93 143 125 134.6% 132.6% 88.4%
Adj net profit after tax – Total 30.0% 85.7% 57.1%
Cash flow
RELX excl RX 27.0% 2,197 2,337 2,454 2,517 107.7% 150.0% 100.0%
RX 3.0% 146 178 211 192 107.7% 119.3% 79.5%
Cash flow – Total 30.0% 146.9% 98.0%

Financial measures 90.0% 114.4% 76.3%

Financial review
A detailed description of the non-financial measures
and achievement against those is set out on the
Non-financial measures 10% next page. 97.5% 65.0%
Total 100% 112.7% 76.1%
(1) Targets are set on an underlying basis for revenue and on a constant currency basis for adjusted net profit, and reflect targeted growth, with cash flow based on the targeted
cash conversion. Target amounts presented in sterling reflect actual movements in exchange rates relative to their equivalent constant currency amounts.
(2) The maximum for each measure is 150% of on target. The overall maximum is 200% of salary.

As highlighted earlier, underlying revenue growth was 9%. Underlying adjusted operating profit grew by 15% and at constant currencies, adjusted EPS grew by 10%.
Some figures add up to different amounts than the totals due to rounding.

50% of the AIP will be paid in cash in Q1 2023 and the remainder is paid in Deferred Shares which will be released in Q1 2026. The release

Governance
of Deferred Shares is not subject to any further performance conditions but is subject to malus and clawback.

other information
Financial statements and
126 RELX Annual Report 2022 | Governance

Non-financial measures
As mentioned earlier, we have set corporate responsibility objectives which reflect our focus on our unique contributions to society,
as well as ESG issues more broadly. We align all our objectives to the United Nations Sustainable Development Goals (SDGs) to do our
part to advance this ambitious global agenda by 2030. Among the ways we have progressed our unique contributions is by increasing
the amount of content on the free RELX SDG Resource Centre with special issues coinciding with the UN calendar including World
Environment Day, International Women’s Day, and World Health Day. Ahead of COP27 in November, we released a climate change
special issue, which included a curated list of 110 Elsevier journal articles and book chapters to inspire positive environmental action
and further climate research. The number of SDG Resource Centre unique users has increased by 16% to over 155,000.
Our environmental targets align with our 2025 targets. Whilst carbon reduction and paper usage and waste targets were significantly
exceeded, the Committee applied its judgment to limit the payout to 90% of target given that performance was partially supported by
office closures. More information can be found on pages 28 to 72.
Non-financial measures represent 10% of the AIP. Of this component, achievements and payouts were as follows:
Relative Payout % Payout %
Non-financial measures weighting Target Achievement of target of max
Carbon reduction 25% ƒ Reduce Scope 1 (direct) and Scope 2 ƒ Carbon emissions reduced by 60%. 90% 60%
(location-based) carbon emissions ƒ Energy and fuel consumption
by 36% against a 2015 baseline. reduced by 46%.
ƒ Reduce energy and fuel ƒ Purchased renewable electricity
consumption by 25% against a equivalent to 100% of RELX’s
2015 baseline. global electricity consumption.
ƒ Purchase renewable electricity
equivalent to 100% of RELX’s
global electricity consumption
Paper usage and 25% ƒ Decrease total waste sent to landfill ƒ Total waste sent to landfill reduced 90% 60%
waste from reporting locations by 34% by 94%.
against a 2015 baseline. ƒ 99% of RELX production papers
ƒ 98% of RELX production papers, graded in PREPS, rated as ‘known and
graded in PREPS, to be rated as responsible sources’ or certified FSC
‘known and responsible sources’ or PEFC.
or certified FSC or PEFC.
Socially responsible 25% ƒ Increase the number of suppliers ƒ Suppliers Code signatories increased 110% 73.3%
suppliers as Code signatories to 3,800. to 4,467.
ƒ Increase number of independent ƒ 119 audits of suppliers completed.
external audits of suppliers to 115.
Universal access to 25% ƒ Increase content on the free RELX SDG ƒ Content on the free RELX SDG 100% 66.7%
information Resource Centre by 500 new content Resource Centres increased by 650.
items. ƒ Three new strategic partners: World
ƒ Add three strategic partners to the Bank, UN University, World
RELX SDG Centre. Humanitarian Forum
Total 100% 97.5% 65%
RELX Annual Report 2022 | Directors’ Remuneration Report 127

Overview
2020–2022 LTIP
Set out below is a summary of performance against each measure of the LTIP cycle 1 January 2020–31 December 2022.
As highlighted earlier, the targets remained unchanged from when these were set at the beginning of 2020. The Committee determined
to measure the performance with respect to EPS and ROIC separately for RELX excluding RX and RX, on a 90%/10% basis and to cap
the overall payout at 90% of the maximum. As noted in the Chair letter, the three main business areas continued to perform strongly and

Market segments
RX continued its strong recovery. Significant value was generated for shareholders through share price appreciation and dividends over
the performance period. RELX outperformed the UK and European peer groups over the period. The payout is 69.7% of maximum.

Performance range and Resulting vesting

Performance measure Weighting vesting levels set at grant (1) Achievement against the performance range percentage
TSR over the three-year 20% below median 0% UK group: upper quartile; 62.3%
performance period median 25% European group: just below upper quartile;
upper quartile 100% US group: below median
Average growth in adjusted EPS over 40% below 5% p.a. 0% RELX excl RX:7.2%; vesting:67% 60.3%
the three-year performance period (2) 5% p.a. 25% RX: below threshold; vesting 0%
6% p.a. 50%
7% p.a. 65%

Corporate Responsibility
8% p.a. 75%
9% p.a. 85%
10% p.a. 92.5%
11% p.a. and above 100%
ROIC in the third year of the 40% below 12.0% 0% RELX excl RX:13.6%; vesting:85% 82.6%
performance period (3) 12.0% 25% RX: 12.7%; vesting 61.3%
12.4% 50%
12.8% 65%
13.2% 75%
13.6% 85%
14.0% 92.5%

Financial review
14.4% and above 100%
Total vesting percentage: 69.7%
(1) Calculated on a straight-line basis for performance between the points.
(2) EPS for ‘RELX excluding RX’ is calculated as net income (after tax) excluding net income attributable to ‘RX’, divided by the weighted average number of shares outstanding
in the applicable year, with the share count adjusted to reflect the impact of maintaining consistent leverage before changes in the results of RX over the three-year
performance period.
(3) ROIC for ‘RELX excluding RX’ reflects the performance of the Group for 2022 with adjustments made to remove the effect on ROIC of changes in exchange rates, pension
deficits, accounting standards and the results and invested capital of RX over the three-year performance period.

The performance measures used in incentive plans are based on adjusted figures as they provide relevant information in assessing
the Company’s performance, position and cash flows and we believe they track the core operational performance of RELX and how it
contributes to shareholder value creation. The Annual Report includes a reconciliation of adjusted measures to IFRS measures.

Governance
other information
Financial statements and
128 RELX Annual Report 2022 | Governance

Single Total Figure of Remuneration – Non-Executive Directors (audited)

Total fee Benefits(1) Total
2021 2022 2021 2022 2021 2022
Paul Walker(2) £541,667 £650,000 £718 £862 £542,385 £650,862
June Felix £107,500 £123,667 £107,500 £123,667
Wolfhart Hauser £160,000 £164,500 £160,000 £164,500
Charlotte Hogg £97,494 £112,000 £97,494 £112,000
Marike van Lier Lels £127,506 £122,000 £840 £840 £128,346 £122,840
Robert MacLeod £117,500 £122,000 £117,500 £122,000
Linda Sanford(3) £107,500 £33,077 £840 £840 £108,340 £33,917
Andrew Sukawaty £107,500 £112,000 £107,500 £112,000
Suzanne Wood £120,000 £124,500 £120,000 £124,500
(1) Benefits comprise the notional benefit of tax filing support provided to Non-Executive Directors for filings outside their home country resulting from their directorships
with RELX. The incremental assessable benefit charge per tax return for 2022 was £840 (unchanged from 2021) for a UK tax return. Paul Walker’s benefits relate to private
medical insurance. Further, the Company meets all reasonable travel, subsistence, accommodation and other expenses, including any tax where such expenses are
deemed taxable, incurred by the Non-Executive Directors and the Chair in the course of performing their duties.
(2) Appointed on 1 March 2021. His 2021 fees therefore reflect part year.
(3) Retired from the Board on 21 April 2022.

The total remuneration for Directors is set out in note 25 to the consolidated financial statements.

Non-Executive Directors’ fees

The fees in the Single Total Figure table for Non-Executive Directors reflect the following fees in 2022:
Annual fee 2022 Annual fee 2023
Chair £650,000 £650,000
Non-Executive Directors £90,000 £90,000
Senior Independent Director £30,000 £30,000
Chair of:
– Audit Committee £30,000 £30,000
– Remuneration Committee £30,000 £30,000
Workforce engagement fee £17,500 £17,500
Committee membership fee:
– Audit Committee £17,500 £17,500
– Remuneration Committee £17,500 £17,500
– Nominations Committee £10,000 £10,000

In addition, an intercontinental travel fee of £4,500 was payable to any Non-Executive Director (excluding the Chair) in respect of each
transatlantic journey made in order to attend a RELX Board or Committee meeting during 2022. In 2023, this fee will remain at £4,500.
Fees may be reviewed annually, although in practice they have changed on a less frequent basis. The last review took place in
December 2021.
RELX Annual Report 2022 | Directors’ Remuneration Report 129

Overview
Statement of Directors’ shareholdings and other share interests (audited)
Shareholding requirement
The Committee believes that a closer alignment of interests can be created between senior management and shareholders if executives
build and maintain a significant personal stake in RELX. The shareholding requirements applicable to the Executive Directors are set out
in the table below. Shares that count for this purpose are (i) any type of RELX security of which the Director, their spouse, civil partner or
dependent child has beneficial ownership of and (ii) AIP deferred shares which are within their three-year deferral period, on a notional

Market segments
net (after tax) basis. There has been no change to the interests reported below between 31 December 2022 and 15 February 2023.
Meeting the shareholding requirement is both a vesting condition for LTIP awards granted and a requirement to maintain eligibility for
future LTIP awards. On termination of employment, Executive Directors are to maintain their full shareholding requirement (or, if lower,
their actual level of shareholding at the time of leaving) for two years after leaving employment.
On 31 December 2022, the Executive Directors’ shareholdings were as follows:
Shareholding as at
Shareholding requirement 31 December 2022 (% of 31 December 2022
(% of 31 December 2022 annual base salary) annual base salary) (1)
Erik Engstrom 450% 2096%
Nick Luff 300% 906%

Corporate Responsibility
(1) Includes AIP deferred shares which are within their three-year deferral period, on a notional net (after tax) basis (58,399 for Erik Engstrom and 34,365 for Nick Luff).

For disclosure purposes, any PLC ADRs held are included as ordinary shares.

Share interests (number of RELX ordinary shares held)

1 January 2022 31 December 2022
Erik Engstrom 1,029,503(1) 1,172,929(1)
Nick Luff 276,898(1) 279,235(1)
Paul Walker(2) 16,000 16,000
June Felix 4,100 6,100
Wolfhart Hauser 14,633 14,633
Charlotte Hogg 4,750 4,750

Financial review
Marike van Lier Lels 11,452 11,718
Robert MacLeod 6,950 6,950
Linda Sanford(3) 9,700 N/A
Andrew Sukawaty 30,000 30,000
Suzanne Wood 5,100 5,100
(1) Number excludes AIP deferred shares which are within their three-year deferral period. If these were included on a notional net (after tax) basis, the totals at 31 December
2022 would be 1,231,328 for Erik Engstrom and 313,600 for Nick Luff.
(2) Appointed effective 1 March 2021.
(3) Retired from the Board on 21 April 2022.

Scheme interests awarded during the financial year (audited)

Governance
LTIP – PERFORMANCE SHARE AWARDS
Value of awards Percentage of maximum that End of
Basis on which Face value of if vest in line with would be received if threshold performance
award is made award at grant(1) expectations(2) performance achieved period
Erik Engstrom 450% of salary £5,904,387 £2,952,193 If each measure pays out at 31 December
Nick Luff 375% of salary £2,897,415 £1,448,707 threshold, the overall payout is 25% 2024

AIP – DEFERRED SHARES

Erik Engstrom 1/2 of 2021 AIP payout £1,134,250 N/A. The release of AIP deferred shares in Q1 2025 is not subject to any
Nick Luff 1/2 of 2021 AIP payout £667,910 further performance conditions, but is subject to malus and clawback.
(1) The face value of the LTIP awards and AIP deferred shares granted in February 2022 was calculated using the middle market quotation of a PLC ordinary share (£22.725).
other information
Financial statements and

This share price was used to determine the number of awards granted.
(2) Vesting in line with expectations for LTIP is as per the performance scenario chart disclosed on page 93 of the 2019 Remuneration Report, i.e. 50%.

The LTIP awards granted in 2022 are based on ROIC, EPS and TSR weighted 40%:40%:20% respectively and assessed independently.
The targets and vesting scales applicable to these awards are set out on page 113 of the 2021 Remuneration Report.
130 RELX Annual Report 2022 | Governance

Multi-year incentive interests (audited)

The tables below and on the next page set out vested but unexercised and unvested options, unvested share awards and AIP deferred
shares held by the Executive Directors including details of awards granted, options exercised and awards vested during the year
of reporting.
All outstanding unvested options and share awards are subject to performance conditions. For disclosure purposes, any PLC ADRs
awarded under the multi-year incentive plans are included as ordinary shares. Between 31 December 2022 and the date of this Report,
there have been no changes in the options or share awards held by the Executive Directors.

Erik Engstrom
SHARES (1) (2) (3) No. of No. of No. of No. of
unvested shares Market shares Market unvested
shares awarded price per vested price per shares End of
Year of held on during share at during share at held on performance Date of
grant 1 Jan 2022 2022 award 2022 vesting 31 Dec 2022 period vesting
LTIP 2022 259,819 £22.725 259,819 Dec 2024 Feb 2025
2021 308,702 £18.660 308,702 Dec 2023 Feb 2024
2020 271,164 £20.725 271,164 Dec 2022 Feb 2023
2019 309,807 £17.698 218,413 £22.725
Total 889,673 259,819 218,413 839,685
(1) In addition, Mr Engstrom has 35,860 AIP deferred shares (pre-tax) awarded in 2019 with a market price at award of £17.698. The release of these AIP deferred shares
in February 2022 was not subject to any further performance conditions. Including these AIP deferred shares increases the number of shares awarded during 2019 to
345,667 and the number of unvested shares held on 31 December 2019 to 984,649.
(2) In addition, Mr Engstrom has 30,777 AIP deferred shares (pre-tax) awarded in 2020 with a market price at award of £20.725. The release of these AIP deferred shares
in February 2023 is not subject to any further performance conditions. Including these AIP deferred shares increases the number of shares awarded during 2020 to
301,941 and the number of unvested shares held on 31 December 2020 to 1,005,408.
(3) In addition, Mr Engstrom has 29,498 AIP deferred shares (pre-tax) awarded in 2021 with a market price at award of £18.66. The release of these AIP deferred shares
in February 2024 is not subject to any further performance conditions. Including these AIP deferred shares increases the number of shares awarded during 2021 to
338,200 and the number of unvested shares held on 31 December 2021 to 985,808.
(4) In addition, Mr Engstrom has 49,912 AIP deferred shares (pre-tax) awarded in 2022 with a market price at award of £22.725. The release of these AIP deferred shares
in February 2025 is not subject to any further performance conditions. Including these AIP deferred shares increases the number of shares awarded during 2022 to 309,731
and the number of unvested shares held on 31 December 2022 to 949,872.

OPTIONS No. of No. of No. of No. of

options options Option options Market options
held on granted price on exercised price per held on Unvested Options
Year of 1 Jan during date of during share at 31 Dec options exercisable
grant 2022 2022 grant 2022 exercise 2022 vesting on until
2017 85,356 £14.945 85,356 27 Feb 27
90,116 €16.723 90,116 27 Feb 27
2016 101,421 £12.550 101,421 15 Mar 26
107,380 €15.285 107,380 15 Mar 26
2015 114,584 £11.520 114,584 02 Apr 25
120,886 €15.003 120,886 02 Apr 25
2014 145,604 £9.245 145,604 07 Apr 24
158,166 €10.286 158,166 07 Apr 24
Total 923,513 923,513
RELX Annual Report 2022 | Directors’ Remuneration Report 131

Overview
Nick Luff
SHARES (1) (2)(3) No. of No. of No. of No. of
unvested shares Market shares Market unvested
shares awarded price per vested price per shares End of
Year of held on during share at during share at held on performance Date of
grant 1 Jan 2022 2022 award 2022 vesting 31 Dec 2022 period vesting
LTIP 2022 127,499 £22.725 127,499 Dec 2024 Feb 2025

Market segments
2021 151,487 £18.660 151,487 Dec 2023 Feb 2024
2020 133,066 £20.725 133,066 Dec 2022 Feb 2023
2019 152,029 £17.698 107,180 £22.725
Total 436,582 127,499 107,180 412,052
(1) In addition, Mr Luff has 21,269 AIP deferred shares (pre-tax) awarded in 2019 with a market price at award of £17.698. The release of these AIP deferred shares in February
2022 was not subject to any further performance conditions. Including these AIP deferred shares increases the number of shares awarded during 2019 to 173,298 and the
number of unvested shares held on 31 December 2019 to 489,783.
(2) In addition, Mr Luff has 18,079 AIP deferred shares (pre-tax) awarded in 2020 with a market price at award of £20.725. The release of these AIP deferred shares in February
2023 is not subject to any further performance conditions. Including these AIP deferred shares increases the number of shares awarded during 2020 to 151,145 and the
number of unvested shares held on 31 December 2020 to 500,024.
(3) In addition, Mr Luff has 17,370 AIP deferred shares (pre-tax) awarded in 2021 with a market price at award of £18.66. The release of these AIP deferred shares in February
2024 is not subject to any further performance conditions. Including these AIP deferred shares increases the number of shares awarded during 2021 to 168,857 and the

Corporate Responsibility
number of unvested shares held on 31 December 2021 to 493,300.
(4) In addition, Mr Luff has 29,391 AIP deferred shares (pre-tax) awarded in 2022 with a market price at award of £22.725. The release of these AIP deferred shares in February
2025 is not subject to any further performance conditions. Including these AIP deferred shares increases the number of shares awarded during 2022 to 156,890 and the
number of unvested shares held on 31 December 2022 to 476,892.

OPTIONS No. of No. of No. of No. of

options options Option options Market options
held on granted price on exercised price per held on Unvested Options
Year of 1 Jan during date of during share at 31 Dec options exercisable
grant 2022 2022 grant 2022 exercise 2022 vesting on until
ESOS 2017 40,210 £14.945 40,210 27 Feb 27
42,452 €16.723 42,452 27 Feb 27
2016 47,778 £12.550 47,778 15 Mar 26

Financial review
50,586 €15.285 50,586 15 Mar 26
2015 53,979 £11.520 53,979 02 Apr 25
56,948 €15.003 56,948 02 Apr 25
2014 65,656 £9.900 65,656 02 Sep 24
72,228 €11.378 72,228 02 Sep 24
Total 429,837 429,837

Governance
other information
Financial statements and
132 RELX Annual Report 2022 | Governance

Performance graphs
The graphs below show total shareholder returns for RELX calculated on the basis of the average share price in the 30 trading days
before the respective year end and assuming dividends were reinvested. RELX’s performance is compared with the FTSE 100.
The three-year chart covers the performance period of the 2020–2022 cycle of the LTIP.
3 years 5 years 10 years
RELX vs FTSE 100 – 3-YEAR TSR RELX vs FTSE 100 – 5-YEAR TSR RELX vs FTSE 100 – 10-YEAR TSR
% % %
150 200 600

+368%
+33% 500
175

125 +51% 400

Δ=21% 150
Δ=283%
Δ=30% 300
+12% 125
100 200
+21%
100 +85%
100

75 75 0
0

1
9

2
1
8

9
7
2

D 20

2
D 21
D 13
D 14

D 8
D 12

D 15
D 16

D 19
D 17
-1

-2
-2

-1

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RELX FTSE 100 RELX FTSE 100 RELX FTSE 100

CEO historical pay table

The table below shows the historical CEO pay over a ten-year period.
£’000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Annualised base salary 1,077 1,104 1,131 1,160 1,189 1,218 1,249 1,280 1,312 1,345
Annual incentive payout 70% 71% 70% 68% 69% 78% 77% 65% 86% 76%
as a % of maximum
Multi-year incentive 96%(1) 90%(1) 97%(1) 97%(1) 92%(1) 81%(1) 81%(1) 6% 71% 70%
vesting as a % of maximum
CEO total 5,463 17,447(2) 11,416(3) 11,399(4) 8,748(5) 9,141(6) 9,346(7) 3,980(8) 9,560(9) 8,214(10)
(1) The 2019, 2018, 2017, 2016 and 2015 percentages reflect BIP, LTIP and ESOS. The 2014 percentage reflects the final tranche of the Reed Elsevier Growth Plan (REGP),
BIP and ESOS. The 2013 percentage reflects BIP and ESOS only.
(2) The 2014 figure includes the vesting of the second and final tranche of the REGP and includes £8.8m attributed to share price appreciation.
(3) The 2015 figure includes £4.4m attributed to share price appreciation.
(4) The 2016 figure includes £4.2m attributed to share price appreciation.
(5) The 2017 figure includes £1.7m attributed to share price appreciation.
(6) The 2018 figure includes £2.2m attributed to share price appreciation.
(7) The 2019 figure includes £2.2m attributed to share price appreciation.
(8) The 2020 figure includes £80k attributed to share price appreciation.
(9) The 2021 figure includes £1.1m attributed to share price appreciation. The share award value has been restated for actual share prices and exchange rates applicable
on the dates of vesting.
(10) The 2022 figure includes £0.4m attributed to share price appreciation.
RELX Annual Report 2022 | Directors’ Remuneration Report 133

Comparison of change in Directors’ pay with change
in employee pay
The UK Regulations require companies to disclose the percentage
change in remuneration from 2021 to 2022 for each director
compared with the employees of the listed company, excluding
directors. RELX PLC has no employees and Executive Directors
Overview
The Committee is satisfied that the overall picture presented
by the 2022 pay ratios is consistent with the pay, reward and
progression policies for the Group’s UK employees.
ƒSalaries for all UK employees, including the Executive
Directors, are set based on a wide range of factors, including
market practice, scope and impact of the role and experience.

Market segments
are the only employees of RELX Group PLC. We therefore have
no data to report but have chosen to continue to report data on ƒThe provision of certain benefits and the level of benefit
changes in base salary of the CEO compared with changes in base provided vary depending on the role and level of seniority.
salary of a broader employee population. As in the previous year,
the salary increase for the CEO of 2.5% was in line with the salary
ƒParticipation in annual incentive plans varies by business and
reflects the culture and the nature of the business, as well
increase budget for the UK and the US where the majority of our
as role.
employees are based.
UK pay ratios
ƒWhilst none of the comparator employees participate in the
executive share plans, they do have the opportunity to receive
The UK Regulations require the disclosure of the ratio of total
company shares via the UK Sharesave Option Plan. A greater
CEO remuneration to median (P50), 25th percentile (P25) and 75th
proportion of performance-related variable pay and share
percentile (P75) UK employee total remuneration (calculated on
based awards applies to more senior executives, including

Corporate Responsibility
a full-time equivalent basis). UK employees represent less than
the Executive Directors, who have a greater influence over
20% of our global employee population.
performance outcomes.
Pay ratios for total remuneration are likely to vary, potentially
Relative importance of spend on pay
significantly, over time, since the CEO’s total remuneration each
The following table sets out the total employee costs for all
year is driven largely by his performance-related pay outcomes
employees, as well as the amounts paid in dividends and
and is affected by share price movements. We have therefore
share repurchases.
also shown the UK ratios for the salary component.
2021 2022 % change
For the purposes of the ratios below, the CEO’s 2022 total £m £m
remuneration is the total single figure and salary as disclosed Employee costs(1) 2,549 2,906 14%
on page 124. The P25, P50 and P75 were selected from the UK Dividends 920 983 7%

Financial review
employee population as at 1 October 2022. Ratios for prior Share repurchases 0 500 N/A
years are as disclosed in the respective reports.
(1) Employee costs include wages and salaries, social security costs, pensions and
Total remuneration share based and related remuneration.
Pay ratios All UK employees £’000
Year Method P25 P50 P75 P25 P50 P75 Payments to past Directors and payments for loss of office
(audited)
2022 A 188:1 129:1 89:1 £44 £64 £93
There have been no payments for loss of office in 2022.
2021 A 223:1 151:1 104:1 £43 £64 £92
2020 A 98:1 67:1 46:1 £40 £59 £86
2019 A 225:1 149:1 100:1 £39 £58 £86

Salary

Governance
Pay ratios All UK employees £’000
Year Method P25 P50 P75 P25 P50 P75
2022 A 34:1 25:1 18:1 £39 £55 £76
2021 A 35:1 25:1 18:1 £38 £52 £74
2020 A 35:1 25:1 18:1 £37 £52 £72
2019 A 35:1 25:1 18:1 £35 £51 £71

Slight differences compared with ratios calculated using data

shown in the tables are due to rounding.
The ratios are calculated using Option A, meaning that the
other information
Financial statements and

median, 25th and 75th percentiles were determined based on total

remuneration using the single total figure valuation methodology,
except for annual incentives (other than sales incentives) which
are based on estimated payout as individual final payout levels are
still to be finalised.
We chose Option A as we believe it is the most robust and accurate
way to identify the median, 25th percentile and 75th percentile
UK employee.
134 RELX Annual Report 2022 | Governance

Implementation of remuneration policy in 2023
Salary: The Committee has awarded a salary increase of 2.5% to
each Executive Director, which means that, from 1 January 2023,
Erik Engstrom’s salary rose to £1,378,511 and Nick Luff’s salary
to £811,761. This is below the average increase for the broader
UK workforce and significantly below increases for our lower
paid employees.
Benefits: The benefits provided to the Executive Directors are
unchanged for 2023.
Annual incentive: The AIP payout at target performance is 135%
of base salary and the maximum 200% of base salary, with 50%
of the AIP earned deferred into shares. Revenue, adjusted net
profit after tax and cash flow each have a weight of 30% and
non-financial a weight of 10%. Non-financial measures are
focused on sustainability metrics. Details of the 2023 annual
financial targets and non-financial metrics will be disclosed
in the 2023 Remuneration Report.
Pension: Erik Engstrom and Nick Luff will receive cash in lieu of
pension of 11% of their salary.
Share based awards: As in 2022, we will be granting LTIP awards
with face values of 450% of salary to Erik Engstrom and 375%
to Nick Luff in 2023. The awards are subject to a three-year
performance period and the net (after tax) vested shares are
to be retained for a further two-year holding period.
The following metrics, weightings, targets and vesting scales
apply to LTIP awards granted in 2023 for the 2023–2025 cycle.
The vesting of LTIP awards is dependent on three separate
performance measures: ROIC, EPS and TSR weighted
40%:40%:20% respectively and assessed independently.
The averaging period applied for TSR measurement purposes is
the three months before the start of the financial year in which the
award is granted and the last three months of the third financial
year of the performance period.
The companies for the TSR comparator groups for the 2023–2025
LTIP cycle were selected on the following basis (substantially
unchanged from prior year):
(a) they were in a relevant market index or were the largest
listed companies on the relevant exchanges at the end of the
year before the start of the performance period: the FTSE 100
for the sterling group; the Euronext100 for the euro group; and
the S&P 500 for the US dollar group;
(b) certain companies were then excluded:
ƒ
those with mainly domestic or single country revenues
(as they do not reflect the global nature of RELX’s
customer base);
ƒ
those engaged in extractive industries (as they are
exposed to commodity cycles); and
ƒ
financial services companies (as they have a different
risk/reward profile).
(c) the remaining companies were then ranked by market
capitalisation and, for each comparator group, around
50 companies with market capitalisations above and
below that of RELX were taken; and
(d) relevant listed global peers operating in businesses similar
to those of RELX, but not otherwise included, were added.
Vesting percentage of each third TSR ranking within the relevant
of the TSR tranche(1) TSR comparator group

The TSR measure comprises three comparators (sterling, 0% Below median

euro and US dollar) reflecting the fact that RELX accesses equity 25% Median
capital markets through three exchanges – London, Amsterdam 100% Upper quartile
and New York – in three currency zones. RELX’s TSR performance (1) Vesting is on a straight-line basis for performance between the minimum and
is measured separately against each comparator group and maximum levels.

each ranking achieved will produce a payout, if any, in respect The calculation methodology for the EPS and ROIC measures
of one-third of the TSR measure. The proportion of the TSR is set out in the 2013 Notices of Annual General Meetings, which
measure that vests will be the sum of the three payouts. can be found on RELX’s website. The targets and vesting scales
applicable to the EPS and ROIC are set out below.
Average growth
Vesting percentage in adjusted EPS over ROIC in the third
of EPS and ROIC the three-year performance year of the
tranches(1) period performance period
0% below 5% p.a. below 11.0%
25% 5% p.a. 11.0%
50% 6% p.a. 11.5%
65% 7% p.a. 12.0%
75% 8% p.a. 12.5%
85% 9% p.a. 13.0%
92.5% 10% p.a. 13.5%
100% 11% p.a. or above 14% or above
(1) Vesting is on a straight-line basis for performance between the stated average
adjusted EPS growth/ROIC percentages.
RELX Annual Report 2022 | Directors’ Remuneration Report 135

Remuneration Committee advice
The Committee consists of independent Non-Executive Directors
and the Chair of RELX. Details of members and their attendance
are contained in the Corporate Governance Review on page 114.
The Chief Legal Officer and Company Secretary attends meetings
as secretary to the Committee. At the invitation of the Chair of the
Overview
Willis Towers Watson is the external adviser, appointed by the
Committee through a competitive process. Willis Towers Watson
also provided actuarial and other human resources consultancy
services to some RELX companies during the year. The Committee
is satisfied that the firm’s advice continues to be objective and
independent, and that no conflict of interest exists. The individual

Committee, the CEO attends appropriate parts of the meetings.
The CEO is not in attendance during discussions about his
remuneration.
The Chief Human Resources Officer advised the Committee
during the year.
Shareholder voting at 2022 Annual General Meeting
At the Annual General Meeting of RELX PLC on 21 April 2022, votes cast by proxy and at the meeting in respect of the Directors’
Remuneration Report were as follows:
Resolution Votes For
Market segments
consultants who work with the Committee do not provide advice
to the Executive Directors or act on their behalf. Willis Towers
Watson is a member of the Remuneration Consultants’ Group and
conducts its work in line with the UK Code of Conduct for executive
remuneration consulting. During 2022, Willis Towers Watson
received fees of £3,000 for advice given to the Committee,
charged on a time and expense basis.
% For Votes Against % Against Total votes cast Votes Withheld

Corporate Responsibility
Remuneration Report (advisory) 1,373,261,824 91.85% 121,919,012 8.15 % 1,495,180,836 1,557,175

At the Annual General Meeting of RELX PLC on 23 April 2020, votes cast by proxy and at the meeting in respect of the Directors’
Remuneration Policy were as follows:
Resolution Votes For % For Votes Against % Against Total votes cast Votes Withheld
Remuneration Policy (binding) 1,507,700,939 93.42% 106,174,539 6.58% 1,613,875,478 690,971

Wolfhart Hauser
Chair, Remuneration Committee

Financial review
15 February 2023

Governance
other information
Financial statements and
136 RELX Annual Report 2022 | Governance

Remuneration Policy Report

Set out in this section is the Company’s proposed new remuneration policy for Directors, which, subject to approval by shareholders,
will apply for three years from the conclusion of the RELX PLC AGM to be held on 20 April 2023. The key changes from the previous
Remuneration Policy (which was first published on pages 90 to 96 of the 2019 Annual Reports and Financial Statements and was
approved by shareholders at the April 2020 Annual General Meeting) and the rationale for the changes are explained in the Committee
Chair’s introduction on page 121. Some minor editorial changes have also been made.
Remuneration policy table – Executive Directors
ANNUAL BASE SALARY
Purpose and link to strategy
To recruit and retain the best executive talent globally to execute our strategic objectives at appropriate cost.
Operation
Salaries for Executive Directors are set and reviewed annually by the Remuneration Committee (the Committee) with changes typically
taking effect on 1 January. In exceptional circumstances, the Committee may review salaries more frequently.
When reviewing salaries, the Committee considers the executive’s role and sustained value to the Company in terms of skill, experience
and overall contribution and the Company’s guidelines for salaries for all employees for the year. Periodically, competitiveness with
companies which are comparable in respect of industry, size, international scope and complexity is also considered in order to ensure
the Company’s ability to attract and retain executives.
Performance framework
N/A
Maximum value
Salary increases will continue to be aligned with the range of increases for the wider employee population and subject to annual
all-employee guidelines. However, as for all employees, the Committee has discretion to exceed this to take account of individual
circumstances such as change in responsibility, increases in scale or complexity of the business or alignment to market level.
Recovery of sums paid
No provision.

RETIREMENT BENEFITS
Purpose and link to strategy
Retirement plans are part of remuneration packages designed to recruit and retain the best executive talent at appropriate cost.
Operation
Executive Directors receive pension benefits up to the value equivalent to the maximum level of pension benefits provided under the
Company’s regular defined contribution pension plans as may be in effect or amended from time to time (currently 11% of base salary
in the UK). The defined contribution pension plans are designed to be competitive and sustainable long-term. Any amount payable may
be paid wholly or partly as cash in lieu.
Performance framework
N/A
Maximum value
The maximum value is equivalent to the maximum level of pension benefits provided under the Company’s regular defined contribution
pension plans as may be in effect or amended from time to time (currently capped at 11% of base salary in the UK).
Recovery of sums paid
No provision.
RELX Annual Report 2022 | Directors’ Remuneration Report 137

Overview
OTHER BENEFITS
Purpose and link to strategy
To provide competitive benefits at appropriate cost.
Operation
Other benefits, subject to periodic review, may include private medical and dental cover, life assurance, tax return preparation costs,
car benefits, directors’ and officers’ liability insurance, relocation benefits and expatriate allowances and other benefits available to

Market segments
employees generally, including, where appropriate, the tax on such benefits.
Performance framework
N/A
Maximum value
The maximum for ongoing benefits for Executive Directors will not normally exceed 10% of salary (excluding any one-off items,
such as immigration support or relocation benefits, and any tax related charge on benefits which is met by the Company). However,
the Committee may provide reasonable benefits beyond this amount in exceptional situations, such as a change in the individual’s
circumstances caused by the Company, or if there is a significant increase in the cost of providing the agreed benefit.

ANNUAL INCENTIVE PLAN (AIP)

Purpose and link to strategy

Corporate Responsibility
The annual incentive provides focus on the delivery of annual financial targets and the achievement of annual objectives and milestones
which are chosen to align with the Company’s strategy and create a platform for sustainable future performance. The compulsory
deferral of 50% of any annual incentive earned into RELX shares for three years promotes longer-term alignment of Executive Directors’
interests with shareholders’ interests, including an element of post-termination shareholding.
Why performance measures are chosen and how targets are set
Performance measures include a balanced set of financial measures which are appropriately weighted and which support current
strategy and incentivise the Executive Directors to achieve the desired outcomes without undue risk of focusing on any one financial
measure. The financial targets are designed to be challenging and are set with reference to the previous year’s performance and
internal and external forecasts for the following year.
Performance measures may also include non-financial measures, for example linked to sustainability.
Operation

Financial review
The Committee reviews and sets the financial targets and, if applicable, non-financial targets, annually, taking into account internal
forecasts and strategic plans. Following year end, the Committee compares actual performance with the financial targets and assesses
the achievement of any non-financial targets. The targets and outcomes are fully disclosed in the Remuneration Report published after
year end.
50% of any annual incentive earned is paid in cash to the Executive Director and the remaining 50% is deferred into RELX shares, which
are released to the Executive Director after three years. Dividend equivalents accrued during the deferral period are payable in respect
of the shares. On a change in control, the default position is that deferred shares are released to the Executive Director. Alternatively,
the Committee may determine that deferred shares will instead be exchanged for equivalent share awards in the acquiring company.
Performance framework
The AIP includes financial measures with a weighting of at least 85% and may also include non-financial measures with a weighting of up

Governance
to 15%. Each measure is assessed separately.
ƒThe minimum payout is zero.
ƒEach measure is assessed independently and payout for each measure at threshold is 10% of the maximum opportunity for that
measure.
ƒPayout for target performance is 135% of salary.
Following an assessment of financial achievement, and scoring of any non-financial measures, the Committee agrees the overall level
of earned incentive for each Executive Director.
Committee discretion applies.1,2,3
Maximum value
other information
Financial statements and

The maximum potential annual incentive is 200% of annual base salary. This includes the deferred share element but excludes dividend
equivalents payable in respect of the deferred shares.
Recovery of sums paid
Clawback applies.4
138 RELX Annual Report 2022 | Governance

LONG-TERM INCENTIVE PLAN (LTIP)

Purpose and link to strategy
The Long-Term Incentive Plan (LTIP) is designed to provide a long-term incentive for Executive Directors to achieve the key performance
measures that support the Company’s strategy, and to align their interests with shareholders.
Why performance measures are chosen and how targets are set
Our strategic focus is on continuing to transform the core business through organic investment and the build-out of new products into
adjacent markets and geographies, supplemented by selective portfolio acquisitions and divestments. The performance measures in
the LTIP are chosen to support this strategy by focusing on sustained earnings growth, return on invested capital and shareholder return.
Targets are set with regard to previous results and internal and external forecasts for the performance period and the strategic plan for
the business. They are designed to provide exceptional reward for exceptional performance, whilst allowing a reasonable expectation
that reward at the lower end of the scale is attainable, subject to robust performance.
Operation
Annual awards of performance shares, with vesting subject to:
ƒperformance measured over three financial years
ƒcontinued employment (subject to the provisions set out in the Policy on payments for loss of office section)
ƒmeeting shareholding requirements (450% of salary for the CEO and 300% of salary for the CFO)
Executive Directors are to retain their net (after tax) vested shares for a holding period of two years after vesting. Dividend equivalents
accrued during the performance period are payable in respect of the performance shares that vest.
On a change of control, the default position is that awards vest on a pro-rated basis, subject to an assessment of performance against
targets at that time. Alternatively, the Committee may determine that the awards will not vest and will instead be exchanged for
equivalent awards in the acquiring company.
Performance framework
The performance measures are EPS, ROIC and relative TSR, weighted 40%:40%:20% respectively and assessed independently,
such that a payout can be received under any one of the measures (or, for TSR, in respect of one of the three comparator groups).
ƒThe minimum payout is zero.
ƒEach measure is assessed independently and payout for each measure at threshold is 20% of the maximum opportunity for
that measure.
ƒPayout in line with expectations is 50% of the maximum award.
Dividend equivalents are not taken into account in the above payout levels.
Committee discretion applies.1,2,3
Maximum value
The maximum grant in any year is up to 450% of base salary for the CEO and up to 375% of base salary for other Executive Directors
(not including dividend equivalents).
Recovery of sums paid
Clawback applies.4

Notes to the Remuneration policy table

(1) Discretion in respect of AIP and LTIP payout levels: In determining the level of payout under the AIP and vesting under the LTIP, the
Committee takes into account RELX’s overall business performance and value created for shareholders over the period in review
and other relevant factors. It has discretion to adjust the vesting and payout levels (subject always to the maximum individual limits)
if it believes this would result in a fairer outcome. This discretion will only be used in exceptional circumstances and the Committee will
explain in the next Remuneration Report the extent to which it has been exercised and the reasons for doing so.
(2) Discretion to vary performance measures under the AIP and the LTIP: The Committee may vary the financial measures applying to a
current annual incentive year and performance measures for LTIP awards already granted if a change in circumstances leads it to believe
that the arrangement is no longer a fair measure of performance. Any new measures will not be materially less, or more, challenging than
the original ones.
(3) Discretion on termination of employment under the AIP and the LTIP: The Committee’s discretion on termination of employment is
described under the ‘Policy on payments for loss of office’ section.
(4) Malus and clawback under the AIP and the LTIP: Under the AIP and the LTIP, the Committee has discretion to apply malus and clawback in
case of material misstatement of results or erroneous calculation in incentive payout; breach of post-termination restrictive covenants;
misconduct; fraud or conduct which results in (i) significant reputational damage; (ii) material adverse effect on the financial position of the
Company; or (iii) corporate failure. These apply for three years following the AIP cash payment and five years from the start of each LTIP
performance period and, in the case of a breach of restrictive covenants, to the end of the restriction period. If a participant is subject to an
internal investigation regarding a serious breach of any of the above matters, the vesting of their awards and the application of malus and
clawback may be delayed until the outcome of that investigation.
RELX Annual Report 2022 | Directors’ Remuneration Report 139

Overview
(5) Explanation of differences between the Company’s policy on Executive Directors’ remuneration and the policy for other employees:
A larger percentage of Executive Directors’ remuneration is performance related than that of other employees. All managers participate
in an annual incentive plan. Participation levels, measures and targets vary according to their role, seniority and local business priorities.
Senior executives may also participate in multi-year equity plans. Grant levels under the plans vary according to roles and seniority.
The range and level of retirement and other benefits provided to employees vary according to local market practice.

Market segments
Remuneration outcomes in different performance scenarios
The Committee considers the level of remuneration that may be paid in the context of the performance delivered and value added for
shareholders. The charts below are an illustration of how the CEO’s and CFO’s regular annual remuneration could vary under different
performance scenarios. The salary, benefits and pension levels are the same in all three scenarios in each chart and are based on 2023
salary, benefits as shown in the 2022 Single Total Figure table and cash in lieu of pension of 11% of base salary. Annual incentive amounts
include the portion which is subject to compulsory deferral into RELX shares for three years. The performance assumptions which
have been used are as follows: Minimum means no AIP payout and no LTIP vesting. In line with expectations means AIP payout at 135%
of salary (of which 50% is deferred into shares) and LTIP vesting at 50% of the award. Maximum means AIP payout at 200% of salary
(of which 50% is deferred into shares) and LTIP vesting at 100% of the award. The three bars in each chart assume no share price
movement. As required by the UK Regulations, assuming maximum performance achievement (as described above) and 50% share
price growth over the performance period, the CEO’s maximum remuneration would increase to £13.7 m and the CFO’s maximum

Corporate Responsibility
remuneration to £7.1m. Any dividend equivalents payable in respect of the AIP deferred shares and the LTIP are not included.

CEO remuneration (£’000) CFO remuneration (£’000)

10,572
LTIP LTIP
AIP cash and deferred shares AIP cash and deferred shares
Salary, benefits, pension Salary, benefits, pension
59%
6,575
5,583
47%
3,534

Financial review
55%
26%
28% 43%
1,612
916 31% 29%
100% 25% 15% 100% 26% 16%
Minimum In line with Maximum Minimum In line with Maximum
expectations expectations

Shareholding requirement
The Executive Directors are subject to shareholding requirements. These are a minimum of 450% of annual base salary for the CEO and
300% of annual base salary for other Executive Directors. On joining or promotion to the Board, Executive Directors are given a period of

Governance
time, typically up to five years, to build up to their requirement. On termination of employment, Executive Directors are to maintain their
full shareholding requirement (or, if lower, their actual level of shareholding at the time of leaving) for two years after leaving employment.
Shares which count for shareholding purposes are shares beneficially owned by the Executive Director, their spouse, civil partner or
dependent child and AIP deferred shares which are within their three-year deferral period, on a notional net of tax basis.
other information
Financial statements and
140 RELX Annual Report 2022 | Governance

Approach to recruitment remuneration – Executive Directors

When agreeing the components of a remuneration package on the appointment of a new Executive Director, or an internal promotion
to the Board, the Committee would seek to align the package with the remuneration policy stated in the policy table.
The Committee’s general principle on recruitment is to offer a competitive remuneration package to attract high-calibre candidates
from a global talent pool. Basic salary would be set at an appropriate level for the candidate, taking into account all relevant factors.
As a data analytics and technology-driven business, with over half of its revenue in the US, the Company primarily competes for talent
with global information and technology companies.
The various components and the Company’s approach are as follows:

REMUNERATION COMPONENTS
The remuneration would include base salary, retirement benefits, other benefits, AIP and LTIP in line with the policy table, taking into
account the principles set out above.
COMPENSATION FOR FORFEITED ENTITLEMENTS
The Committee may make awards and payments on hiring an external candidate to compensate him or her for entitlements forfeited
on leaving the previous employer. If such a decision is made, the Committee will attempt to reflect previous entitlements as closely as
possible using a variety of tools, including cash and share based awards. Malus and clawback provisions will apply where appropriate.
If necessary to facilitate the grant of awards, the Committee may rely on the one person exemption from shareholder approval in the
UK Listing Rules.
RELOCATION ALLOWANCES AND EXPENSES
The type and size of relocation allowances and expenses will be determined by the specific circumstances of the new recruit.

Policy on payments for loss of office

In line with the Company’s policy, the service contracts of the existing Executive Directors contain 12-month notice periods.
The circumstances in which an Executive Director’s employment is terminated will affect the Committee’s determination of any payment
for loss of office, but it expects to apply the principles outlined in the table on the next page. The Committee reserves the right to depart
from these principles where appropriate in light of any taxation requirements to which the Company or the Executive Director is subject
(including, without limitation, section 409A of the US Internal Revenue Code), or other legal obligations.
RELX Annual Report 2022 | Directors’ Remuneration Report
Policy on payments for loss of office (continued)
GENERAL(1)
Mutually agreed termination/termination by the Company other than for cause(2)
(includes retirement with customary notice)
The Executive Director would be entitled to salary, benefits
and other contractual payments in the normal way up to the
termination date and would be paid for any accrued but
untaken holiday.
Salary: Payment of up to 12 months’ salary to reflect the notice
period or payment in lieu of notice.
Other benefits: Where possible, benefits would be continued for
up to the duration of any unworked period of notice (not exceeding
the maximum stated in the policy table) or the Executive Director
would receive a cash payment (not exceeding the cost to the
Company of providing those benefits).
Pension: Deferred or immediate pension in accordance with
scheme rules, with a credit in respect of, or payment for up to,
the full period of any unworked period of notice. There is provision
under the defined benefit pension scheme for members leaving
Company service by reason of permanent incapacity to make
an application to the scheme trustee for early payment of
their pension.
Other: The Company may pay compensation in respect of any
statutory employment rights and may make other appropriate
and customary payments.
The Company would have due regard to principles of mitigation
of loss. Reductions would be applied to reflect any portion of the
notice period that is worked and/or spent on gardening leave.
On injury, disability, ill-health or death, the Committee reserves
the right to vary the treatment outlined in this section.
Employee instigated resignation
The Executive Director would not receive any payments for
loss of office. The Executive Director would be entitled to salary,
benefits and other contractual payments in the normal way up
to the termination date and would be paid for any accrued but
untaken holiday.
Pension: A deferred or immediate pension would be payable
in accordance with the scheme rules.
Dismissal for cause
The Executive Director would be entitled to salary, benefits
and other contractual payments in the normal way up to the
termination date and would be paid for any accrued but untaken
holiday but would not receive any payments for loss of office.
Pension: A deferred or immediate pension would be payable
in accordance with the scheme rules.
(1) In addition to what is set out in this section, on termination for any reason, Erik Engstrom will be entitled to payment of amounts held in his ‘Retirement Account’.
(2) In cases where the approved leaver treatment applies, the AIP and LTIP have a default position as well as giving the Committee discretion to adjust the default treatment
within certain parameters. The Committee would only expect to exercise such discretion where the Committee believes the personal circumstances of the Executive
Director so require.
141
Overview
INCENTIVES
Annual incentive: Any unpaid annual incentive for the previous year
and a pro-rata payment in respect of the part of the financial year
Market segments
up to the termination date would generally be payable (subject
to the deferral provisions), with the amount being determined
by reference to the original performance criteria. However, the
Committee has discretion to decide otherwise depending on
the reason for termination and other specific circumstances.
The Company would not pay any annual incentive in respect of any
part of the financial year following the termination date (e.g. for
any unworked period of notice). AIP deferred shares would be
released to the Executive Directors in full at the end of the deferral
period. The annual incentive clawback provisions would apply.
Corporate Responsibility
LTIP: The default position is that unvested LTIP awards would be
pro-rated to reflect time employed and would vest subject to
performance measured at the end of the relevant performance
period and subject to the Executive Director continuing to
meet their full shareholding requirement for two years after the
termination date. The Committee has discretion to allow unvested
LTIP awards to vest earlier and to adjust the application of time
pro-rating and performance conditions, subject to the plan rules.
The requirement to retain net (after tax) vested LTIP shares for
a holding period of two years after vesting ceases to apply on
termination of employment.
Financial review
Annual incentive: The Executive Director would be entitled to
receive an annual incentive for a completed previous year (subject
to the deferral provisions), but not a pro-rated annual incentive
in respect of a part year up to the termination date, unless the
Committee decides otherwise in the specific circumstances. Any
AIP deferred shares would be released to the Executive Director
Governance
in full at the end of the deferral period. Annual incentive clawback
provisions would apply.
LTIP: All outstanding LTIP awards would lapse on the date of notice.
Annual incentive: The Executive Director would not receive any
unpaid annual incentive. Any AIP deferred shares lapse on the
date of dismissal.
LTIP: All outstanding LTIP awards would lapse on the date
of dismissal.
other information
Financial statements and
142 RELX Annual Report 2022 | Governance

Remuneration policy table – Non-Executive Directors

FEES
Purpose and link to strategy
To enable RELX to recruit Non-Executive Directors with the right balance of personal skills and experience to make a major contribution
to the Board and Committees of a global business which is listed in London, Amsterdam and New York.
Operation
RELX Chair: Receives an aggregate annual fee with no additional fees, for example, Committee Chair fees. The Committee determines
the Chair’s fee on the advice of the Senior Independent Director.
Other Non-Executive Directors: Receive an annual fee with additional fees payable as appropriate for specific roles and duties.
These additional fees include fees for the Senior Independent Director and Committee Chairs, for membership of Board Committees,
as well as a workforce engagement fee and international travel fees. In future, other fees may be payable, for example attendance fees.
The Board determines the level of fees, subject to applicable law.
Fees may be reviewed annually, although in practice they have changed on a less frequent basis. When reviewing fees, consideration is
given to the time commitment required, the complexity of the role and the calibre of the individual. Periodically, comparative market data
is also reviewed, the primary source for which is the practice of FTSE 30 companies.
Maximum value
The aggregate annual fee limit for fees paid to the Chair and the Non-Executive Directors is £2m. Additional fees for membership of or
chairing Board Committees and assuming additional responsibilities such as acting as Senior Independent Director, are not subject to
this maximum limit.

OTHER BENEFITS
Purpose and link to strategy
To provide competitive benefits at appropriate cost.
Operation
Other benefits for Non-Executive Directors are reviewed periodically and may include private medical cover, tax return preparation
costs, secretarial benefits, car benefits, travel and related subsistence costs, including, where appropriate, the tax on such benefits.
Maximum value
There is no prescribed maximum amount.

Approach to recruitment remuneration – Non-Executive
Directors
Following recruitment, a new Non-Executive Director will
be entitled to fees and other benefits in accordance with the
Company’s remuneration policy. No additional remuneration
is paid on recruitment. However, any reasonable expenses
incurred during the recruitment process will be reimbursed.
Policy on payments for loss of office – Non-Executive Directors
In addition to unpaid accrued fees, the Non-Executive Directors
are entitled to receive one month’s fees for loss of office if their
appointment is terminated before the end of its term.
Service contracts and letters of appointment
There are no further obligations in the Directors’ service contracts
and letters of appointment which are not otherwise disclosed in
this Report which could give rise to a remuneration payment or
loss of office payment. All Directors’ service contracts and letters
of appointment are available for inspection at the Company’s
registered office. The Executive Directors’ service contracts do
not have a fixed expiry date.
Consideration of employment conditions elsewhere in
the Company
When the Committee reviews the Executive Directors’ salaries
annually, it takes into account the Company’s guidelines for
salaries for all employees in the Company’s major operating
locations for the forthcoming year. The Committee also considers
market practice in the FTSE 30 as well as pay practices of other
global information and technology companies when determining
the quantum and structure of Directors’ pay.
The Committee annually reviews various aspects of workforce
remuneration and related policies in order to deepen its
understanding of pay structures throughout the organisation.
Our designated Non-Executive Director responsible for workforce
engagement meets with employees representing our global
employee population in order to understand a wide range of
employee views on a variety of topics. The feedback is reported
back to the Board at least once per year and forms part of the
Board’s discussions and decision making. As part of this process,
the Non-Executive Director explains how executive remuneration
aligns with wider pay policy.
Consideration of shareholder views
Our practice is to consult shareholders and consider their views
when formulating, or changing, our policy. The Committee took
into account feedback received from shareholders since the prior
policy was approved when reviewing the current policy.
Previous remuneration policies and prior commitments
Any payments which are still to be made under arrangements
made and awards granted under previous remuneration policies
will be made consistent with the applicable policy. The provisions
of the previous policies which relate to arrangements and awards
granted under those previous policies will therefore continue to
apply until all payments in relation to those arrangements and
awards have been made. The Committee also reserves the right
to make any remuneration or loss of office payments if the terms
were agreed prior to the approval of the 2013 or 2016 policy or prior
to an individual being appointed as a Director.
Minor amendments
The Committee may make minor amendments for regulatory,
tax or administrative purpose.
RELX Annual Report 2022 143

Report of the Audit Committee

Overview
This report has been prepared by the Audit Committee and has been approved by the Board. It provides an overview of the membership,
responsibilities and activities of the Committee.

Membership Responsibilities
The Committee comprises at least three independent The main role and responsibility of the Committee is to assist

Market segments
Non-Executive Directors. The members of the Committee the Board in fulfilling its oversight responsibilities regarding:
who served during the year were:
ƒthe integrity of the interim and full-year financial
ƒSuzanne Wood (Chair) statements and financial reporting processes
ƒAndrew Sukawaty ƒrisk management and internal controls, and effectiveness
ƒJune Felix of internal auditors
ƒCharlotte Hogg ƒthe performance of the external auditors and the
Of the current members of the Committee, Suzanne Wood, effectiveness of the external audit process, including
a US chartered accountant, is considered to have significant, monitoring the independence and objectivity of
recent and relevant financial experience. Ernst & Young LLP (EY)

The Committee as a whole is deemed to have competence
relevant to the sectors in which RELX operates.
Please see pages 98 and 99 for full profiles of Audit
Committee members.
Corporate Responsibility
The Committee reports to the Board on its activities,
identifying any matters in respect of which it considers
that action or improvement is needed and making
recommendations as to the steps to be taken.
The terms of reference of the Audit Committee are reviewed
annually and a copy is published on the RELX website,
www.relx.com

Financial reporting
In discharging its responsibilities in respect of the 2022 interim and full-year financial statements, the Committee reviewed the following:

Financial review
NOTE AND PAGE
REFERENCE
AREAS OF SIGNIFICANT JUDGEMENT AND ESTIMATION IN ANNUAL REPORT

Specific areas of significant accounting judgement and estimation, as set out in note 1 on page 167, reviewed and
challenged by the Committee were:
ƒCapitalisation of internally developed intangible assets: The capitalisation of costs related to the development Note 14
of new products and business infrastructure, together with the useful economic lives applied to the resulting 185-187
assets, requires the exercise of judgement. The Committee received reports from the Group Financial
Controller on the amounts capitalised and asset lives selected for major projects and outcome of impairment
assessment performed

Governance
ƒTaxation: The valuation of provisions in relation to uncertain tax positions involves estimation. The Committee Note 9
received and discussed reports from the Head of Tax on the potential liabilities identified and assumptions used 178-181
ƒDefined benefit pension obligation: The valuation of certain pension scheme liabilities and assets is subject to Note 6
judgement and estimation. The Committee received and discussed regular reports from the Group Financial 174-178
Controller on the methodology and the basis of the assumptions used including the recognition of a surplus for
the UK defined benefit scheme for the first time as at 30 June 2022. The Committee discussed and challenged
management’s assessment to recognise this surplus with support from external legal and actuarial advisers
The Committee was satisfied that all judgements and estimations had been appropriately made and the financial
statement disclosures were appropriate.
other information
Financial statements and
144 RELX Annual Report 2022 | Governance

PAGE REFERENCE
OTHER AREAS OF FOCUS IN ANNUAL REPORT

Other areas discussed by the Committee during the year were:

ƒCarrying value of goodwill and intangible assets: The judgements and estimates in respect of asset 185 - 187
carrying values relate to the assumptions underlying the value in use calculations such as discount rates and
long-term growth assumptions. The Committee received and discussed reports from the Group Financial
Controller on the methodology, the basis of assumptions used and headroom resulting from the annual
impairment assessment
ƒAcquired intangible assets: The identification of separate intangible assets on acquisition requires judgement. 185 - 187
Estimation is required in determining the future cash flows and discount rates used to value these assets.
The Committee received and discussed reports from the Group Financial Controller on the methodology
and the basis of the assumptions used
ƒFinancing: Judgement is required in assessing the sufficiency and adequacy of current and future liquidity and 189-190
funding requirements of the Group. The Committee received and discussed reports from the Group Treasurer
on the Group’s financing including the replacement of the existing undrawn committed bank facilities,
maturing in 2023 and 2024, with a new $3bn facility maturing in April 2025 and issue of $500m US dollar-
denominated term debt and maturity of ten years. See below for further information in respect of the
Committee’s review of the going concern and viability assessments and related disclosure
The Committee was satisfied that all the above items had been appropriately considered and presented in
the Annual Report.
PAGE REFERENCE
DISCLOSURE AND PRESENTATION IN ANNUAL REPORT

As well as considering the Annual Report as a whole (see ‘Fair, balanced and understandable’ section below)
the Committee focused on the following areas of disclosure and presentation:
ƒReviewed the critical accounting policies and compliance with applicable accounting standards, reviewed 167-168
other disclosure requirements and received regular update reports on accounting and regulatory
developments
ƒReviewed the disclosures made in relation to internal control, risk management, the going concern statement 88-95
and the viability statement. The Committee received and discussed reports from the Group Treasurer on the
processes undertaken and assumptions used in formulating these disclosures
ƒThe going concern and viability statements were subject to an in-depth review, including a detailed review and 94-95
challenge of the various adverse scenarios modelled to ensure that the statements made in relation to going
concern and viability are robust
ƒConsidered the calculation and presentation of alternative performance measures in the Annual Report and 216-224
Financial Statements and results announcement, including associated reconciliations to GAAP measures
ƒReviewed the disclosures made in the Annual Report which incorporates the Corporate Responsibility Report 28-80
for the first time. This includes disclosures in respect of the Task Force on Climate-Related Financial
Disclosures (TCFD) recommendations
The Committee was satisfied that all relevant disclosures have been appropriately made.
FAIR, BALANCED AND UNDERSTANDABLE
The Committee considered whether the 2022 Annual Report is fair, balanced and understandable. In making this assessment,
the Committee considered the following areas:
ƒThe process for preparing the Annual Report, including the contributors, the internal review process and how feedback is
addressed throughout the process
ƒThe business review narratives presented for each business area
ƒThe discussion of reported and underlying results throughout the report
The Committee was satisfied that, taken as a whole, the Annual Report is fair, balanced and understandable. This conclusion has
been reported to the Board.

The Committee also received detailed written reports from the external auditors on these matters and discussed all areas with both
management and the external auditors. The Committee was satisfied with the explanations provided and conclusions reached.
RELX Annual Report 2022 | Report of the Audit Committee
Risk management and internal controls
With respect to their oversight of risk management and internal
controls, the Committee has:
ƒreceived and discussed regular reports summarising the
status of the Group’s risk management activities, including the
impact of Covid-19, identification of emerging risks and actions
to mitigate risks, and the findings from internal audits and
status of actions agreed with management. Areas of focus in
2022 included: cyber security (including the ability to prevent,
respond to and recover from a cyber-attack or ransomware
attack); data privacy; the operational, financial and IT control
environment; the use of technology including machine
learning; regulatory compliance; business continuity and
resilience (including supplier resilience and plans for extreme
weather events); the ability to adapt to geopolitical, economic
and market conditions; integrity of published Corporate
Responsibility data; and continued compliance with the
requirements of Section 404 of the US Sarbanes-Oxley Act
relating to the documentation and testing of internal controls
over financial reporting
ƒreceived regular updates from the Group Financial Controller
and Group Treasurer on the Group’s financial position including
on liquidity, renegotiation of its revolving credit agreement,
bond issue, credit ratings and ability to access debt capital
markets, risk management and compliance with treasury
policies and pension arrangements and funding
ƒreceived presentations from the Head of Tax on tax matters
and the Group’s tax principles
ƒreceived presentations explaining the creation of the Internal
Audit & Assurance (IAA) function which combined the
Information Security assurance function with the Internal
Audit function
ƒreviewed and approved the internal audit plan for 2023 and
monitored execution of the 2022 plan, including progress in
respect of actions agreed
ƒreceived presentations from the Chief Compliance Officer
on the compliance programmes, including the operation
of the RELX Code of Conduct, training programmes and
whistleblowing arrangements
ƒreceived presentations from the Chief Legal Officer on legal
issues and claims
Committee meetings
The Committee met four times during 2022. The Audit Committee
meetings are typically attended by the Board Chair, the Chief
Executive Officer, the Chief Financial Officer, the Group Financial
Controller, the Chief Legal Officer, the Head of IAA, and audit
partners from the external auditors.
145
Overview
External audit effectiveness and independence
The Group has a well-established policy on audit effectiveness
and independence of auditors that sets out among other things:
the responsibilities of the Audit Committee in the selection of
auditors to be proposed for appointment or re-appointment and
for agreement on the terms of their engagement, scope and
Market segments
remuneration; the auditor independence requirements and the
policy on the provision of non-audit services; the rotation of audit
partners and staff; and the conduct of meetings between the
auditors and the Audit Committee.
The Committee’s policy on the use of the external auditor to
provide non-audit services is in accordance with applicable laws
and takes into account the relevant ethical guidance for auditors.
Any permissible non-audit services must be pre-approved by
the Chief Financial Officer and above £50,000, by the Chair of the
Audit Committee. All non-audit services provided and fees are
presented to the Committee on a regular basis.
Corporate Responsibility
The policy is available on the website, www.relx.com.
The Committee has conducted its review of the performance of
the external auditors and effectiveness of the external audit
process for the year ended 31 December 2022. The review included:
ƒan assessment of the quality of the auditor’s reporting to and
interaction with the Audit Committee
ƒreview of the completion of the audit plan and changes to risks
identified or work performed
ƒa discussion with EY on data analytics tools used in the audit;
Financial review
ƒconsideration of public reports by regulatory authorities on
key EY member firms and their view on the effectiveness of
EY’s audits
ƒa survey of key stakeholders across RELX evaluating the
performance of each audit team
The Audit Committee holds private meetings with the external
auditor to encourage open and transparent feedback. The Chair
of the Committee also met with the external auditors outside
of Committee meetings supporting effective and timely
communication.
Governance
Based on this review, the Audit Committee was satisfied with
the performance of the auditors and the effectiveness of the
audit process. The external auditors have confirmed their
independence and compliance with the policy on auditor
independence to the Audit Committee.
other information
Financial statements and
146 RELX Annual Report 2022 | Governance
Non-audit services
The external auditors are precluded from engaging in non-audit
services that would compromise their independence or violate
any professional requirements or regulations affecting their
appointment as auditors. The auditors may, however, provide
non-audit services which do not conflict with their independence.
The Committee has, each quarter, reviewed and agreed the
non-audit services provided in 2022 together with the associated
fees. The non-audit services provided in 2022 were very limited
and, in line with the latest FRC guidance, linked to audit work such
as a bond issue and corporate responsibility data assurance.
The total fees payable to EY for the year ended 31 December 2022
were £9.7m of which £0.6m related to non-audit work. Further
details are provided in note 4 to the financial statements.
The non-audit fees remain below the 70% threshold as per the
most recent FRC guidance.
Auditor appointment
EY were first appointed auditor of RELX PLC for the financial year
ended 31 December 2016. The auditor is required to rotate the lead
audit partner responsible for the engagement every five years.
The year ended 31 December 2022 was the second year for the
lead audit partner, Colin Brown. The Audit Committee confirms
that they were in compliance with the provisions of The Statutory
Audit Services for Large Companies Market Investigation
(Mandatory Use of Competitive Tender Processes and Audit
Committee Responsibilities) Order 2014 during the financial year
ended 31 December 2022. In accordance with the terms of this
Order, RELX anticipates that it will conduct a competitive tender
process in respect of the external audit no later than 2025.
Having considered the summary set out above relating to the
effectiveness and independence of EY, the Committee was
satisfied and has recommended to the Board that a Resolution to
re-appoint EY as auditors for the year ending 31 December 2023
be proposed at the 2023 AGM which the Board has accepted
and endorsed.
Internal audit
The Audit Committee’s terms of reference requires an annual
review of internal audit effectiveness. RELX has an established
Internal Audit function governed by a formal charter which
requires an external assessment at least once every five years to
consider and report on conformance with the Institute of Internal
Auditors International Professional Practices Framework (IPPF)
and UK Chartered Institute of Internal Auditors Internal Audit
Code of Practice (CoP).
An external assessment of internal audit was carried out in 2022.
Consistent with the recommendations from this assessment to
continue to develop a stronger control and risk environment, it
was decided that a second line of defence Information Security
Assurance function should be combined with the existing internal
audit function to create Internal Audit & Assurance (IAA). These
changes are expected to further strengthen the third line of
defence and have also focused assurance activity and streamlined
interaction with and reporting to stakeholders, including the Audit
Committee. The risk management activities have more clearly
separated from assurance activities and are now led by the Group
Insurance & Risk function which oversees insurable risk and
non-insurable risk.
The Audit Committee annually receives and considers a report
from the Head of IAA on: the independence of the internal audit
activity; a review of the IAA Charter; conformance with the
mandatory elements of the IPPF and CoP; and the results of its
quality assurance and improvement programme.
Audit Committee effectiveness
The effectiveness of the Audit Committee was reviewed as part
of the 2022 evaluation of the Board which confirmed that the
Committee continues to function effectively. Details of the
evaluation are set out on page 116.
Suzanne Wood
Chair of the Audit Committee
15 February 2023
RELX Annual Report 2022 147

Directors’ Report

The Directors present their report, together with the financial
statements of the Company, and the consolidated financial
statements of the Group, for the year ended 31 December 2022.
The Company is a public company, limited by shares, and
registered in England and Wales under registered number 77536.
The Company’s registered office is 1-3 Strand, London WC2N 5JR.
Overview
Dividends
The Board is recommending a final dividend of 38.9p (2021: 35.5p)
per ordinary share to be paid on 7 June 2023 to shareholders
appearing on the Register of Members at the close of business on
28 April 2023. Payment of this final dividend remains subject to the
approval of the Company’s shareholders at its 2023 AGM. Together

This Directors’ report has been prepared in accordance with the
requirements outlined within the Large and Medium-sized
Companies and Groups (Accounts and Reports) Regulations 2008.
For the purposes of this Directors’ Report, and the Corporate
Governance Review from pages 103 to 118, RELX PLC and its
subsidiaries, joint ventures and associates are together known
as ‘RELX’ or the ‘Group’.
Group financial statements
This Directors’ Report and the financial statements of the Group
and Company should be read in conjunction with the other reports
set out on pages 2 to 146. A review of the Group’s performance
Market segments
with the interim dividend of 15.7p (2021: 14.3p) per ordinary share,
paid in September 2022, the total ordinary dividend payable for the
year will be 54.6p (2021: 49.8p) per ordinary share.
Details of our dividend policy are set out on page 86.
Corporate governance statement
The Company has complied throughout the year with the
provisions of the 2018 UK Corporate Governance Code (the Code),
with the exception of provision 38 (rates of contribution for
executive pensions), where full compliance was achieved from
1 January 2023. Details of how the Code has been applied, together
with the Company’s corporate governance framework and the

Corporate Responsibility
during the year is set out on pages 5 to 87, the principal and Directors’ statement on internal control and risk management are
emerging risks facing the Group are set out on pages 88 to 95, in the Corporate Governance Review which is set out on pages 103
and the Group statement on corporate responsibility is set out to 146 (inclusive) and incorporated into this Directors’ Report
on pages 28 to 80. by reference.
In addition to the reported figures, adjusted figures are presented The Code is publicly available on the Financial Reporting Council’s
as additional performance measures used by management to website www.frc.org.uk.
assess the performance of the business. These exclude the
Streamlined Energy and Carbon Reporting (SECR)
Group’s share of amortisation of acquired intangible assets,
Intensity ratio
acquisition-related items, tax in joint ventures, disposal gains, Absolute performance (per £m revenue)
finance income and losses, and other non-operating items and 2021 Variance 2022 2021 Variance 2022

Financial review
related tax effects. They also exclude movements in deferred tax
Global Scope 1 5,644 -8% 5,211 0.78 -22% 0.61
assets and liabilities related to goodwill and acquired intangible
(direct
assets, but include the benefit of tax amortisation where available
emissions) tCO2e
on goodwill and acquired intangible assets.
Global Scope 2 44,051 -15% 37,270 6.08 -28% 4.36
Company financial statements (indirect
The individual company financial statements of the Group are location-based
presented on pages 206 to 211, and were prepared under Financial emissions) tCO2e
Reporting Standard 101 (FRS 101). Distributable reserves as at Global energy 134,453 -8% 123,325 18.56 -22% 14.42
31 December 2022 were £6,465m (2021: £7,042m), comprising MWh*
reserves less shares held in treasury. Shareholders’ funds as at UK energy MWh* 12,591 -11% 11,220 1.74 -25% 1.31
31 December 2022 were £19,637m (2021: £20,182m). UK Scope 1 and 2,686 -16% 2,250 0.37 -29% 0.26

Governance
Strategic Report Scope 2
The Companies Act 2006 requires the Company to present a fair emissions tCO2e
review of the Group during the financial year. The Strategic report, * Energy figures include vehicle fuels for SECR reporting. Previous years have been
restated to include the one RX managed event venue.
which includes a review of the Group’s business areas, a financial
review, the principal and emerging risks facing the Group, any We report on all global operations for which we have operational
important events affecting the Group since 31 December 2022, control following the GHG Protocol Corporate Accounting and
and the likely future developments in the Group’s business, is set Reporting Standard (revised edition) for the reporting year
out on pages 2 to 95. The Directors’ Report, together with the December 2021 to November 2022.
Strategic report, forms the management report for the purposes
Directors
of the Financial Conduct Authority’s Disclosure and Transparency
The names of the Directors who served on the Board during the
Rules 4.1.5R(2) and 4.1.8R.
other information
Financial statements and

year are set out on pages 98, 99 and 114 and incorporated into this
Directors’ Report by reference.
148 RELX Annual Report 2022 | Governance
Share capital
The Company’s issued share capital comprises a single class
of ordinary shares of 14 51⁄116 p each, all of which are listed on the
London and Amsterdam stock exchanges. The Company also has
securities in the form of American Depositary Shares traded on
the New York Stock Exchange. All issued shares are fully paid up
and carry no additional obligations or special rights. Each share
carries the right to one vote at general meetings of the Company.
In a general meeting, subject to any rights and restrictions
attached to any shares, on a show of hands every member who is
present in person shall have one vote and every proxy present who
has been duly appointed by one or more members entitled to vote
on the resolution has one vote (although a proxy has one vote for
and one vote against the resolution if: (i) the proxy has been duly
appointed by more than one member entitled to vote on the
resolution; and (ii) the proxy has been instructed by one or more
of those members to vote for the resolution and by one or more
other of those members to vote against it). Subject to any rights
or restrictions attached to any shares, on a vote on a resolution
on a poll every member present in person or by proxy shall have
one vote for every share of which he/she is the holder.
Proxy appointments and voting instructions must be received by
the registrars not less than 48 hours before a general meeting.
There are no specific restrictions on the size of a holding nor on
the transfer of shares, which are both governed by the general
provisions of the Articles and prevailing legislation. The Company
is not aware of any agreements between shareholders that may
result in restrictions on the transfer of shares or on voting rights
attached to the shares. At the 2022 AGM shareholders passed
a resolution authorising the Directors to issue shares for cash
on a non-pre-emptive basis up to a nominal value of £13.9m,
representing less than 5% of the Company’s issued share capital,
and authorising the Directors to issue up to an additional 5% of
the issued share capital for cash on a non-pre-emptive basis in
connection with an acquisition or specified investment. Since the
2022 AGM, no shares have been issued under this authority. The
shareholder authority also permits the Directors to issue shares
in order to satisfy entitlements under employee share plans and
details of such allotments are described below.
During the year, 1,918,456 ordinary shares in the Company were
issued in order to satisfy entitlements under employee share
plans as follows: 566,698 under the UK SAYE Share Option Scheme
at prices between 1,032.0p and 1,392.8p per share; 124,546 under
the legacy Dutch Debenture Scheme at prices between 7.441 EUR
and 19.39 EUR , which is satisfied by way of Company shares;
and 1,227,212 under executive share option schemes at prices
between 515.5p and 2,072.5p per share. The issued share capital
as at 31 December 2022 is shown in note 23 to the consolidated
financial statements.
Authority to purchase own shares
At the Company’s 2022 AGM, shareholders passed a resolution
authorising the purchase of up to 198.5 million ordinary shares
in the Company (representing approximately 10% of the issued
ordinary shares) by way of market purchase. This authority
will expire at the 2023 AGM, at which a resolution to renew
the authority to purchase Company shares will be submitted
to shareholders.
During the year, 21,712,388 ordinary shares of 14 51⁄116 p each
(representing 1.1% of the ordinary shares in issue on 31 December
2022) were purchased for a total consideration of £500m,
including expenses, and subsequently transferred to be held in
treasury. A further 6,251,507 shares were purchased between
3 January 2022 and the date of this report.
The Company cancelled 20 million and 32 million ordinary shares
held in treasury on 21 April and 8 December 2022, respectively.
Therefore, as at 31 December 2022 there were 19,800,067 ordinary
shares held in treasury, representing 1% of the ordinary shares
in issue.
Substantial share interests
As at 31 December 2022, the Company had received the following
notifications of interests in voting rights of its issued share
capital pursuant to Rule 5 of the Disclosure and Transparency
Rules (DTRs):
% of voting rights Date of notification
BlackRock, Inc 9.67% 17 May 2022
Invesco Ltd. 4.99% 1 October 2019
The percentage interests stated above are as disclosed at the date
on which the interests were notified to the Company and, as at the
date of this report, the Company had not received any further
notifications under DTR 5. These percentages do not reflect
changes to the Company’s total voting rights since the date of
notification or any subsequent changes to share interests not
notified to the Company under DTR 5 and therefore may not
reflect the interests held as at 31 December 2022, or at the date
of this report.
Employee Benefit Trust
The trustee of the Employee Benefit Trust held an interest in
5,553,401 ordinary shares in the Company (representing 0.3% of
the issued ordinary shares) as at 31 December 2022. The trustee
may vote or abstain from voting any shares it holds in any way it
sees fit.
Significant agreements – change of control
There are a number of borrowing agreements including credit
facilities that, in the event of a change of control of RELX PLC and,
in some cases, a consequential credit rating downgrade to
sub-investment grade may, at the option of the lenders, require
repayment and/or cancellation as appropriate. There are no
arrangements between the Company and its Directors or
employees providing for compensation for loss of office or
employment that occurs specifically because of a takeover,
merger or amalgamation with the exception of provisions in the
Company’s share plans which could result in options or awards
vesting or becoming exercisable on a change of control.
Articles
The Company’s Articles of Association (the Articles) may only
be amended by a special resolution of shareholders passed
at a general meeting of the Company.
RELX Annual Report 2022 | Directors’ Report
Appointment and replacement of directors
The appointment, re-appointment and replacement of Directors
is governed by the Articles, the Companies Act 2006 and related
legislation. Shareholders maintain their right to appoint and
re-appoint Directors by way of an ordinary resolution in
accordance with the Articles. The Directors may appoint
additional or replacement Directors, who may only serve until the
following AGM of the Company, at which time they must retire and,
if appropriate, seek election by the Company’s shareholders.
A Director may be removed from office by the Company as
provided for by applicable law, in certain circumstances set out
in the Articles, and at a general meeting of the Company by the
passing of an ordinary resolution.
The Articles provide for a Board of Directors consisting of not
fewer than five, but not more than 20 Directors, who manage
the business and affairs of the Company.
Powers of directors
Subject to the provisions of the Companies Act 2006, the Articles
and any directions given by special resolutions, the business of the
Company shall be managed by the Board which may exercise all
the powers of the Company.
Directors’ indemnity
In accordance with its Articles, the Company has granted its
Directors an indemnity, to the extent permitted by law, in respect
of liabilities incurred as a result of their office. This indemnity
was in place for Directors that served at any time during the 2022
financial year, and also for each serving Director as at the date
of approval of this report. The Company also purchased and
maintained throughout the year directors’ and officers’ liability
insurance in respect of itself and its Directors.
Related party transactions
Internal controls are in place to ensure that any related party
transactions involving Directors or their connected persons are
carried out on an arm’s-length basis and are properly recorded
and disclosed where appropriate.
Conflicts of interest
Under the Companies Act 2006, the Directors have a duty to
avoid situations in which they have, or could have, a direct or
indirect interest that conflicts with the interests of the Company.
The Board has established formal procedures for identifying,
assessing and reviewing any situations where a Director has an
interest that conflicts, or may possibly conflict, with the interests
of the Company.
The Nominations Committee considers any such conflict or
potential conflict and makes a recommendation to the Board
on whether to authorise it, as permitted under the Company’s
Articles. In reaching its decision, the Board is required to act
in a way it considers would be most likely to promote the
success of the Company and may impose limits or conditions
when giving its authorisation, if it thinks this is appropriate.
Actual or potential conflicts of interest are reviewed annually
by the Nominations Committee.
149
Overview
No contract existed during the year in relation to the Company’s
business in which any Director was materially interested.
Financial instruments
The Group’s financial risk management objectives and policies,
including hedging activities and exposure to risks, are described
in note 17 to the consolidated financial statements on pages 189
Market segments
to 194.
Political donations
RELX does not make donations to UK or European Union (EU)
political organisations or incur UK or EU political expenditure.
In the US, Group companies donated £142,047 (2021: £112,967) to
political organisations. In line with US law, these donations were
not made at the federal level, but only to candidates and political
parties at state and local levels.
Employee relations
During 2022, the Group employed over 35,000 (2021: 33,000)
Corporate Responsibility
employees worldwide, of whom 5,600 (2021: 5,400) were
employed in the UK. The Group is committed to employee
involvement and participation. Where appropriate, major
announcements are communicated to employees through
internal briefings. Information on performance, development,
organisational changes and other matters of interest is
communicated through briefings and electronic bulletins.
The Company is an equal opportunity employer and does not
discriminate on the grounds of race, gender or other
characteristics in its recruitment or employment policies.
Financial review
The Group conducts a triennial global Employee Opinion Survey,
which was last undertaken in 2021, and also undertakes regular
employee engagement surveys. For information about the 2022
employee engagement survey and the feedback received from
employees please see pages 44 to 49 and 110. Certain employees
throughout the Group are eligible to participate in the Group’s
share incentive plans.
Engagement with suppliers, customers and others
For further information relating to how the Group has engaged
with its suppliers and customers during the course of the year,
and the effect of that engagement on the principal decisions
Governance
taken by the Company, please see pages 50 to 54, 59 to 62 and 111.
Employment of disabled persons
RELX is committed to the fair treatment of people with disabilities
in relation to recruitment, hiring, training, promotion and career
development. Under our Ethics Code and RELX’s Inclusion and
Diversity Policy, discrimination is prohibited and we commit to
providing conditions of employment without regard to protected
characteristics such as race, colour, creed, religion, national
origin, gender, gender identity or expression, sexual orientation,
marital status, age, disability, or any other category protected
by law.
other information
Financial statements and
When existing employees become disabled, our policy is to
provide continuing employment, support and training wherever
practicable. Further information about RELX’s approach to
disability inclusion is available in our Corporate Responsibility
Report on pages 46 and 48.
150 RELX Annual Report 2022 | Governance
Disclosures required under UK Listing Rule 9.8.4
The information required by Listing Rule 9.8.4 is set out on the
pages below:
Information required Page
(1) Interest capitalised by the Group
(2) Publication of unaudited financial information
(4) Long-term incentive schemes
(5) Waiver of emoluments by a director
(6) Waiver of future emoluments by a director
(7) Non pro-rata allotments for cash (issuer)
(8) Non pro-rata allotments for cash (major subsidiaries)
(9) Parent participation in a placing by a listed subsidiary
(10) Contracts of significance
(11) Provision of services by a controlling shareholder
(12) Shareholder waiver of dividends
(13) Shareholder waiver of future dividends
(14) Agreements with controlling shareholders
Financial statements and accounting records
The Directors are responsible for preparing the Directors’ Report
and the financial statements in accordance with applicable law
and regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the Directors
are required to prepare the consolidated financial statements in
accordance with UK adopted International Accounting Standards
in conformity with the requirements of the Companies Act 2006
and International Financial Reporting Standards (IFRS), following
the accounting policies shown in the notes to the financial
statements on pages 167 and 168. The Directors have elected
to prepare the individual company financial statements in
accordance with Financial Reporting Standard 101 Reduced
Disclosure Framework. Under company law the Directors must
not approve the accounts unless they are satisfied that they
give a true and fair view of the state of affairs of the Company
and of the profit or loss of the Company for that period.
In preparing the individual company financial statements,
the Directors are required to: select suitable accounting policies
and then apply them consistently; make judgements and
accounting estimates that are reasonable and prudent; state
whether Financial Reporting Standard 101 Reduced Disclosure
Framework has been followed, subject to any material departures
being disclosed and explained in the financial statements;
and prepare the financial statements on a going concern basis
unless it is inappropriate to presume that the Company will
continue in business.
In preparing the Group financial statements, IAS 1 requires that
Directors: properly select and apply accounting policies; present
information, including accounting policies, in a manner that
provides relevant, reliable, comparable and understandable
information; provide additional disclosures when compliance
n/a with the specific requirements of IFRS are insufficient to enable
users to understand the impact of particular transactions
n/a or other events and conditions on the entity’s financial position
n/a and financial performance; and make an assessment of the
Company’s ability to continue as a going concern.
n/a
The Directors are responsible for keeping adequate accounting
n/a records that are sufficient to show and explain the Company’s
n/a transactions and disclose with reasonable accuracy at any time
the financial position of the Company and enable them to ensure
n/a that the financial statements comply with the Companies Act 2006.
n/a They are also responsible for safeguarding the assets of the
Company and hence for taking reasonable steps for the prevention
n/a and detection of fraud and other irregularities.
n/a Directors’ responsibility statement
184 Each of the Directors, whose names and roles can be found on
pages 98 and 99, confirms that, to the best of their knowledge:
184
ƒthe consolidated financial statements, prepared in accordance
n/a with UK adopted International Accounting Standards in
conformity with the requirements of the Companies Act 2006
and International Financial Reporting Standards (IFRS),
following the accounting policies shown in the notes to the
financial statements on pages 167 and 168, give a true and fair
view of the assets, liabilities, financial position and profit or loss
of the Group
ƒthe individual company financial statements, prepared in
accordance with Financial Reporting Standard 101 ‘Reduced
Disclosure Framework’ (FRS 101), gives a true and fair
view of the assets, liabilities, financial position and profit
or loss of the Company
ƒthe management report includes a fair review of the
development and performance of the business and the position
of the Group, together with a description of the principal and
emerging risks and uncertainties that it faces
Having taken into account all of the matters considered by the
Board and brought to the attention of the Board during the year,
the Directors are satisfied that the Annual Report and
Financial Statements, taken as a whole, is fair, balanced and
understandable and provides the information necessary for
shareholders to assess the Company’s position and performance,
business model and strategy.
Neither the Company nor the Directors accept any liability to any
person in relation to the Annual Report except to the extent that
such liability could arise under English law. Accordingly, any
liability to a person who has demonstrated reliance on any untrue
or misleading statement or omission shall be determined in
accordance with Section 90A of the Financial Services and
Markets Act 2000.
RELX Annual Report 2022 | Directors’ Report 151

Overview
Disclosure of information to auditors
In accordance with Section 418 of the Companies Act 2006, each
Director in office at the date this Directors’ Report is approved,
confirms that:
ƒso far as the Director is aware, there is no relevant audit
information of which the Company’s auditors are unaware

Market segments
ƒhe/she has taken all the steps that he/she ought to have taken
as a Director to make himself/herself aware of any relevant
audit information and to establish that the Company’s auditors
are aware of that information
Viability statement and going concern
The Directors’ Viability Statement and statement of going concern
are set out on pages 94 and 95 respectively of the Strategic report.
Auditors
Resolutions for the re-appointment of Ernst & Young LLP as
auditors of the Company and to authorise the Audit Committee,

Corporate Responsibility
on behalf of the Board, to determine their remuneration will be
submitted to shareholders at the 2023 AGM.
Annual General Meeting
This year’s AGM will be held at 9.30am on Thursday, 20 April 2023
at Lexis House, 30 Farringdon Street, London EC4A 4HH. Further
information on the arrangements for the AGM are set out in the
Notice of Meeting.

By order of the Board

Financial review
Henry Udow
Company Secretary
15 February 2023

Registered Office
1-3 Strand
London
WC2N 5JR

Governance
other information
Financial statements and
152 RELX Annual Report 2022

Financial
statements and
other information
In this section
154 Independent auditor’s report
162 Consolidated financial statements
167 Notes to the consolidated financial statements
205 5 year summary
 Overview Market segments Corporate Responsibility Financial review Governance Financial statements and
other information
153
RELX Annual Report 2022
154
154 RELX
RELX Annual Report 2022 | Financial statements and other information

Independent auditor’s report to the members

of RELX PLC
OPINION
In our opinion:
ƒ RELX PLC’s group financial statements and parent company financial statements (the “financial statements”) give a true and fair
view of the state of the group’s and of the parent company’s affairs as at 31 December 2022 and of the group’s profit for the year
then ended;
ƒ the group financial statements have been properly prepared in accordance with UK adopted international accounting standards and
International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB);
ƒ the parent company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice; and
ƒ the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of RELX PLC (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended
31 December 2022 which comprise:

Group Parent company

Consolidated income statement for the year ended Statement of financial position as at 31 December 2022
31 December 2022
Consolidated statement of comprehensive income for the Statement of changes in equity for the year then ended
year then ended
Consolidated statement of cash flows for the year then ended Related notes 1 to 4 to the financial statements including
a summary of significant accounting policies
Consolidated statement of financial position as at 31 December 2022
Consolidated statement of changes in equity for the year then ended
Related notes 1 to 28 to the financial statements, including a
summary of significant accounting policies

The financial reporting framework that has been applied in the preparation of the group financial statements is applicable law and UK
adopted international accounting standards and International Financial Reporting Standards (IFRS) as issued by the International
Accounting Standards Board. The financial reporting framework that has been applied in the preparation of the parent company
financial statements is applicable law and United Kingdom Accounting Standards, including FRS 101 “Reduced Disclosure
Framework”(United Kingdom Generally Accepted Accounting Practice).
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities
under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
INDEPENDENCE
We are independent of the group and parent in accordance with the ethical requirements that are relevant to our audit of the financial
statements in the UK, including the FRC’s Ethical Standard as applied to listed public interest entities, and we have fulfilled our other
ethical responsibilities in accordance with these requirements.
The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the group or the parent company and we remain
independent of the group and the parent company in conducting the audit.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate. Our evaluation of the directors’ assessment of the group and parent company’s
ability to continue to adopt the going concern basis of accounting included:
ƒ Confirming our understanding of management’s going concern assessment process, in conjunction with our walkthrough of the
Group’s financial close process.
ƒ Obtaining management’s going concern assessment, including the cash forecast for the going concern period which covers
18 months from the balance sheet date to 30 June 2024. The Group has modelled a base case and a stress case of their cash
forecasts in order to incorporate unexpected changes to the forecasted liquidity of the Group. We have challenged management
on if they have considered all key factors in their assessment. We have reviewed the historical accuracy of management’s forecasts
and verified that these are consistent with forecasts used for other purposes in the audit. We have challenged the factors and
assumptions included in each modelled scenario for reasonableness. Additionally, we tested the clerical accuracy of cash flow
calculations and determined through inspection and testing of the methodology and calculations that the methods utilised were
appropriately sophisticated to be able to make an assessment for the entity.
ƒ Considering the mitigating factors included in the stress case that are within control of the Group. This includes review of the Group’s
non-operating cash outflows and evaluating the Group’s ability to control these outflows as mitigating actions if required.
ƒ Verifying the credit facilities available to the Group including inspection of the renegotiated signed $3bn revolving credit facility for
the absence of financial covenants. Additionally, we obtained independent external confirmation that the facility remains undrawn.
RELX
RELX Annual Report 2022 | Independent auditor’s report to the members of RELX PLC 155

Overview
ƒ Reviewing management’s reverse stress testing in order to assess the likelihood of factors that would lead to the Group running out of
all available liquidity during the going concern period.
ƒ Reviewing the Group’s going concern disclosures included in the annual report in order to assess that the disclosures are consistent
with the basis upon which the Board have concluded,and in conformity with the reporting standards.
In management’s base case and stress case scenarios, there is significant headroom without taking into consideration the benefit of any
identified mitigations.

Market segments
Within management’s stress case scenario, which assumes no access to the capital markets, the Group would still have substantial
liquidity on its undrawn $3bn revolving credit facility (which was renegotiated in 2022 and no longer contains a financial covenant).
We have not identified going concern to be a key audit matter.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually
or collectively, may cast significant doubt on the group and parent company’s ability to continue as a going concern for a period of
18 months from the balance sheet date to 30 June 2024.
In relation to the group and parent company’s reporting on how they have applied the UK Corporate Governance Code, we have nothing
material to add or draw attention to in relation to the directors’ statement in the financial statements about whether the directors
considered it appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this

Corporate Responsibility
report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the group’s ability
to continue as a going concern.
OVERVIEW OF OUR AUDIT APPROACH

Audit scope ƒ We performed an audit of the complete financial information of six components and audit procedures on specific
balances for a further six components. We also instructed one additional location to perform specific audit
procedures over manual journal entries to revenue.
ƒ The components where we performed full or specific audit procedures accounted for 78% of profit before tax on
an absolute basis, 83% of revenue and 81% of total assets.
Key audit matters ƒ Uncertain tax positions – risk that the tax provisions may be incorrectly quantified, impacting the effective tax
rate, and that the tax provision is improperly disclosed.

Financial review
ƒ Revenue recognition – risk that there is an opportunity to commit fraud impacting revenue through manual
adjustments or override of controls by management.
Materiality ƒ Overall Group materiality of £100m which represents 4.73% of profit before tax.
AN OVERVIEW OF THE SCOPE OF THE PARENT COMPANY AND GROUP AUDITS
Tailoring the scope
Our assessment of audit risk, our evaluation of materiality and our allocation of performance materiality determine our audit scope
for each company within the Group. Taken together, this enables us to form an opinion on the consolidated financial statements. We
take into account size, risk profile, the organisation of the group and effectiveness of group-wide controls, changes in the business
environment, the potential impact of climate change and other factors such as recent internal audit results when assessing the level of work
to be performed at each component.

Governance
The group has centralised processes for key judgements and determination of accounting policies. One key audit matter, namely
revenue recognition are more decentralised processes delineated by business area. We have tailored our response accordingly and
procedures were performed or directed by the group audit team.
In assessing the risk of material misstatement to the Group financial statements, and to ensure we had adequate quantitative coverage
of significant accounts in the financial statements we selected twelve components covering entities within United Kingdom, Netherlands,
United States, France and Japan, which represent the principal business units within the Group.
Of the twelve components selected, we performed an audit of the complete financial information of six components (“full scope
components”) which were selected based on their size or risk characteristics. For the remaining six components (“specific scope
components”), we performed audit procedures on specific accounts within that component that we considered had the potential for the
greatest impact on the significant accounts in the financial statements either because of the size of these accounts or their risk profile.
We also instructed one additional location to perform specific audit procedures over manual journal entries to revenue.
other information
Financial statements and

The reporting components where we performed full and specific audit procedures accounted for 78% (2021: 80%) of the Group’s profit
before tax on an absolute basis, 83% (2021: 83%) of the Group’s revenue and 81% (2021: 78%) of the Group’s total assets. For the
current year, the full scope components contributed 64% (2021: 60%) of the Group’s profit before tax on an absolute basis, 75% (2021:
77%) of the Group’s revenue and 68% (2021: 69%) of the Group’s total assets. The specific scope component contributed 14% (2021:
20%) of the Group’s profit before tax on an absolute basis, 8% (2021: 6%) of the Group’s revenue and 13% (2021: 9%) of the Group’s
total assets. The audit scope of these components may not have included testing of all significant accounts of the component but will
have contributed to the coverage of significant accounts tested for the Group. We also instructed one location to perform specified
procedures over manual journal entries related to revenue, as described in the Risk section above.
Of the remaining components that together represent 22% (2021: 20%) of the Group’s profit before tax on an absolute basis, none are
individually greater than 1% (2021: 1%) of the Group’s profit before tax on an absolute basis. For these components, we performed
other procedures, including analytical review, review of internal audit reports, testing of entity level and group wide controls, testing of
 RELX
156 RELX
RELXAnnual Report 2022 | Financial statements and other information

consolidation journals, intercompany eliminations and foreign currency translation recalculations at the group level to respond to any
potential risks of material misstatement to the Group financial statements.
The charts below illustrate the coverage obtained from the work performed by our audit teams.

Profit before tax

(on an absolute basis) Revenue Total assets
22% 17%
19%

8%
13%
14%
64% 68%

75%

Full scope components Specific scope components Other procedures

(1) Coverage of profit before tax measure on an absolute basis for each component (components with a loss would be added to both the numerator and
denominator).

Changes from the prior year

The full scope and specific scope components have not changed from the prior year as these components remain the most significant
to the Group, by size and risk, and the coverage of the Group was consistent with the prior year audit. Our audit has been completed
using a hybrid approach with virtual and in-person meetings where appropriate.
Involvement with component teams
In establishing our overall approach to the Group audit, we determined the type of work that needed to be undertaken at each of the
components by us, as the primary audit engagement team, or by component auditors from other EY global network firms operating
under our instruction. Of the six full scope components, audit procedures were performed on three of these directly by the primary
audit team. For the three full scope components and the six specific scope components where the work was performed by component
auditors, we determined the appropriate level of involvement to enable us to determine that sufficient audit evidence had been obtained
as a basis for our opinion on the Group as a whole.
The Group audit team continued to follow a programme of planned visits that has been designed to ensure that the Senior Statutory
Auditor or another Group audit partner, visit all full scope and specific scope locations over a one year cycle.During the current year’s
audit cycle, visits were undertaken by the primary audit team to the component teams in United Kingdom, United States, the Philippines,
the Netherlands, and France. These visits involved meetings with local management, and discussions with the component team on the
audit approach and any issues arising from their work. Oversight of audit work executed in Japan was performed virtually. The primary
team interacted regularly with the component teams where appropriate during various stages of the audit, reviewed relevant working
papers and were responsible for the scope and direction of the audit process. This, together with the additional procedures performed
at Group level, gave us appropriate evidence for our opinion on the Group financial statements.
CLIMATE CHANGE
There has been increasing interest from stakeholders as to how climate change will impact companies. The Group has determined that
the most significant future impacts from climate change on its operations will be from global warming and extreme weather events.
These are explained on pages 73-79 in the required Task Force for Climate related Financial Disclosures, which form part of the “Other
information,” rather than the audited financial statements. Our procedures on these unaudited disclosures therefore consisted solely of
considering whether they are materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or
otherwise appear to be materially misstated in line with our responsibilities on “Other information”.
In planning and performing our audit we assessed the potential impacts of climate change on the Group’s business and any potential
consequential material impact on its financial statements.
The Group has explained in Note 1, Basis of Preparation, how they have assessed assets with indefinite and long lives which could
be impacted by measures taken to address global warming. Management concluded that the Group’s operations and the use of the
Group’s products have a relatively low environmental impact, and no issues were identified by management that would impact the
carrying value of such assets or have any other material impact on the financial statements.
Our audit effort in considering the impact of climate change on the financial statements was focused on evaluating management’s
assessment of the impact of climate risk and their climate commitments. This included evaluation, with the support of our internal
climate specialists, of management’s assessment of the risk of impairment due to climate change did not constitute a significant
judgement or estimate. We also performed a risk assessment to determine whether there were other risks of material misstatement
from climate change in the financial statements which needed to be considered in our audit.
We also challenged the Directors’ considerations of climate change in their assessment of going concern and viability and associated
disclosures.
Based on our work we have not identified the impact of climate change on the financial statements to be a key audit matter or to impact
a key audit matter.
RELX
RELX Annual Report 2022 | Independent auditor’s report to the members of RELX PLC 157

Overview
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements
of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we
identified. These matters included those which had the greatest effect on the overall audit strategy, the allocation of resources in the
audit, and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial
statements as a whole, and in our opinion thereon, and we do not provide a separate opinion on these matters.
KEY OBSERVATIONS COMMUNICATED TO THE

RISK
Uncertain tax positions
As described in note 9 to the consolidated
financial statements, note 1 in the
accounting policies and in the audit
committee report (page 143), the Group
is subject to tax in numerous jurisdictions.
Provisions related to tax totalled £239m
as at 31 December 2022 (2021: £228m).
The Group’s operational structure gives
rise to potential tax exposures that require
management to exercise judgement in
OUR RESPONSE TO THE RISK
Our procedures included obtaining an
understanding of the tax provisioning
processes and evaluating the design of, as
well as testing, internal controls over the tax
provisioning process. We tested controls
over management’s review of the uncertain
tax position provisions recorded, including
the controls over the development of
significant assumptions and judgements.
Our procedures on the uncertain tax
positions were performed centrally by the
Market segments
AUDIT COMMITTEE
We reported to the Audit Committee that
we challenged the robustness of the key
management judgements around the trigger
for recognition or release impacting the
provision and the effective tax rate. We
confirmed that we were satisfied that
management’s judgements in relation to
the quantum of provisions for uncertain tax
positions are appropriate. We noted further
that there continues to be a high degree of
uncertainty about the eventual outcome of

Corporate Responsibility
making determinations as to the amount many of these provisions. The notes to the
group team and supported by overseas financial statements appropriately include
of tax that is payable. The Group reports
teams including professionals with disclosure of the estimation uncertainty
cross-border transactions undertaken
specialised skills. Procedures included: related to uncertain tax positions.
between subsidiaries on an arm’s-length
(i) meeting with members of management
basis in tax returns in accordance with
responsible for tax to understand the
Organisation for Economic Co-operation
Group’s cross-border transactions, status
and Development (OECD) guidelines.
of significant provisions, and any changes
Transfer pricing relies on the exercise of
to management’s judgements in the year;
judgement and it is reasonably possible for
(ii) reading correspondence with tax
there to be a significant range of potential
authorities and external advisors and
outcomes.
obtaining an understanding of all matters
As a result, the Group has recognised considered by management to inform our

a number of provisions against uncertain
tax positions, the valuation of which
requires significant estimation uncertainty,
as described in note 9.
We focused on this area due to the
complexity and the subjectivity in the
quantification of the provision and the
judgement around the trigger for
recognition or release impacting the
provision and the effective tax rate.
Financial review
assessment of recorded estimates and
evaluate the completeness of the provisions
recorded; (iii) independently assessing
management’s significant assumptions and
judgements to record or release provisions
following tax audits, settlements and the
expiry of timeframes with reference to other
similar tax positions the Group has
historically held and our knowledge of
developments in the jurisdictions in which
RELX maintain tax provisions; (iv) testing
the underlying schedules for arithmetic
accuracy, as well as with reference to

Governance
applicable tax laws; and (v) evaluating
the adequacy of tax disclosures. other information
Financial statements and
158 RELX
RELXAnnual Report 2022 | Financial statements and other information

KEY OBSERVATIONS COMMUNICATED TO THE

RISK
Revenue recognition
Revenue recognition is described in note 2
to the consolidated financial statements.
The Group recognises revenue (£8.6bn
recorded in 2022, compared to £7.2bn
recorded in 2021) from a variety of sources
among the different business areas,
including annual subscriptions,
transactional usage and exhibition fees.
The nature of the risk associated with the
accurate recording of revenue varies.
We recognise that revenue is a key metric
upon which the group is judged, that the
group has annual internal targets, and that
the group has incentive schemes that are
partially impacted by revenue growth.
We have determined that there is a risk
in each of the business areas related to
the opportunity to commit fraud in the
respective revenue streams through
manual adjustments or override of controls
by management.
OUR RESPONSE TO THE RISK AUDIT COMMITTEE
We performed full and specific scope audit Revenue has been recognised appropriately
procedures over revenue in 12 locations, in the year ended 31 December 2022 in
which covered 83% of revenue. We accordance with IFRS 15: Revenue from
performed procedures to address the Contracts with Customers.
specific risk in each business area.
Procedures included: (i) assessing the
processes and testing controls over each
significant revenue stream; (ii) evaluating
the appropriateness of journal entries
impacting revenue, as well as other
adjustments made in the preparation
of the financial statements; (iii) evaluating
management’s controls over such
adjustments; (iv) inspecting a sample of
contracts to check that revenue recognition
was in accordance with the contract terms
and the group’s revenue recognition
policies, which is in line with IFRS 15;
(v) testing a sample of transactions around
period end to test that revenue was
recorded in the correct period; (vi) for
revenue streams that have judgemental
elements, evaluating management’s
assumption and critically challenging these
assumptions against contractual terms and
underlying financial information; (vii) for
certain revenue streams we obtained audit
evidence through the execution of data
analytics procedures, including a
correlation of revenue to cash.
The procedures we performed over the
remaining 17% of revenue included:
(i) testing of entity level and group wide
controls; (ii) analytical review of year over
year movements in revenue; (iii) review for
evidence of material contracts that would
require further testing.

OUR APPLICATION OF MATERIALITY

We apply the concept of materiality in planning and performing the audit, in evaluating the effect of identified misstatements on the
audit and in forming our audit opinion.
Materiality
The magnitude of an omission or misstatement that, individually or in the aggregate, could reasonably be expected to influence the
economic decisions of the users of the financial statements. Materiality provides a basis for determining the nature and extent of our
audit procedures.
We determined materiality for the Group to be £100 million (2021: £90 million), which is 4.73% (2021: 5%) of profit before tax.
We believe that profit before tax provides the most relevant performance measure to the stakeholders of the entity and therefore have
determined materiality based on this number.
During the course of our audit, we reassessed materiality as the actual adjusted profit before tax was higher than the Group’s initial
estimate we used at planning. However, due to the status of our procedures we did not change our materiality from £100 million to
reflect this increase.
We determined materiality for the Parent Company to be £100 million (2021: £90 million), which is 0.5% (2021: 0.4%) of equity.
Performance materiality
The application of materiality at the individual account or balance level. It is set at an amount to reduce to an appropriately low level the
probability that the aggregate of uncorrected and undetected misstatements exceeds materiality.
On the basis of our risk assessments, together with our assessment of the Group’s overall control environment, our judgement was that
performance materiality was 75% (2021: 75%) of our planning materiality, namely £75m (2021: £68m). We have set performance
materiality at this percentage due to our assessment of the control environment and the historic lack of significant audit findings.
Audit work at component locations for the purpose of obtaining audit coverage over significant financial statement accounts is
undertaken based on a percentage of total performance materiality. The performance materiality set for each component is based on
the relative scale and risk of the component to the Group as a whole and our assessment of the risk of misstatement at that component.
In the current year, the range of performance materiality allocated to components was £15m to £65.3m (2021: £6.5m to £52m).
RELX
RELX Annual Report 2022 | Independent auditor’s report to the members of RELX PLC 159

Overview
Reporting threshold
An amount below which identified misstatements are considered as being clearly trivial.
We agreed with the Audit Committee that we would report to them all uncorrected audit differences in excess of £5m (2021: £4.5m),
which is set at 5% of planning materiality, as well as differences below that threshold that, in our view, warranted reporting on
qualitative grounds.
We evaluate any uncorrected misstatements against both the quantitative measures of materiality discussed above and in light of other

Market segments
relevant qualitative considerations in forming our opinion.
OTHER INFORMATION
The other information comprises the information included in the annual report set out on pages 1-151, including the Strategic Report
and Governance report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other
information contained within the annual report.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this
report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated.
If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise
to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there

Corporate Responsibility
is a material misstatement of the other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, the part of the directors’ remuneration report to be audited has been properly prepared in accordance with the
Companies Act 2006.
In our opinion, based on the work undertaken in the course of the audit:
ƒ the information given in the strategic report and the directors’ report for the financial year for which the financial statements are
prepared is consistent with the financial statements; and
ƒ the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.

Financial review
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the
audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if,
in our opinion:
ƒ adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received
from branches not visited by us; or
ƒ the parent company financial statements and the part of the Directors’ Remuneration Report to be audited are not in agreement with
the accounting records and returns; or
ƒ certain disclosures of directors’ remuneration specified by law are not made; or

Governance
ƒ we have not received all the information and explanations we require for our audit
Corporate Governance Statement
We have reviewed the directors’ statement in relation to going concern, longer-term viability and that part of the Corporate Governance
Statement relating to the group and company’s compliance with the provisions of the UK Corporate Governance Code specified for our
review by the Listing Rules.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate
Governance Statement is materially consistent with the financial statements or our knowledge obtained during the audit:
ƒ Directors’ statement with regards to the appropriateness of adopting the going concern basis of accounting and any material
uncertainties identified set out on page 95;
other information
Financial statements and

ƒ Directors’ explanation as to its assessment of the company’s prospects, the period this assessment covers and why the period is
appropriate set out on page 95;
ƒ Director’s statement on whether it has a reasonable expectation that the group will be able to continue in operation and meets its
liabilities set out on page 95;
ƒ Directors’ statement on fair, balanced and understandable set out on page 144;
ƒ Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set out on page 88;
ƒ The section of the annual report that describes the review of effectiveness of risk management and internal control systems set out
on page 117; and;
ƒ The section describing the work of the audit committee set out on page 143
160 RELX
RELXAnnual Report 2022 | Financial statements and other information

Responsibilities of directors
As explained more fully in the directors’ responsibilities statement set out on page 150, the directors are responsible for the preparation
of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors
determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud
or error.
In preparing the financial statements, the directors are responsible for assessing the group and parent company’s ability to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a
high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is
higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or
intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including
fraud is detailed below.
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the
company and management.
ƒ We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and determined that the
most significant are those that relate to the reporting framework (UK adopted International Accounting Standards, FRS 101, the
Companies Act 2006, UK Corporate Governance Code, the US Securities and Exchange Act of 1934 and the Listing Rules of the UK
Listing Authority) and relevant tax compliance regulations in the jurisdictions in which the Group operates and the EU General Data
Protection Regulation (GDPR).
ƒ We understood how RELX PLC is complying with those frameworks by making inquiries of management, internal audit, those
responsible for legal and compliance procedures and the company secretary. We corroborated our enquiries through our review of
Board minutes and papers provided to the Audit Committee, observations in Audit Committee meetings, as well as consideration of
the results of our audit procedures across the Group.
ƒ We assessed the susceptibility of the group’s financial statements to material misstatement, including how fraud might occur by
meeting the finance and operational management from various parts of the business to understand where it considered there was
susceptibility to fraud. We also considered performance targets and their propensity to influence on efforts made by management to
manage earnings. We considered the programmes and controls that the Group has established to address risks identified, other that
otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls. Where the risk
was considered to be higher, specifically manual journal entries to revenue, we performed audit procedures to address the identified
fraud risk. These procedures included testing manual journals and were designed to provide reasonable assurance that the financial
statements were free from fraud or error.
ƒ Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our
procedures involved journal entry testing, with a focus on manual consolidation journals and journals indicating large or unusual
transactions based on our understanding of the business; enquiries of legal counsel, Group management, internal audit, business
area management at all full and specific scope management; and focused testing. In addition, we completed procedures to conclude
on the compliance of the disclosures in the annual report and accounts with all applicable requirements.
Any instances of non-compliance with laws and regulations were communicated by/to components and considered in our audit
approach, if applicable.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s
website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

RELX
RELX Annual Report 2022 | Independent auditor’s report to the members of RELX PLC 161

Overview
OTHER MATTERS WE ARE REQUIRED TO ADDRESS

ƒ Following the recommendation from the audit committee we were appointed by the company on 21 April 2016 to audit the financial
statements for the year ending 31 December and subsequent financial periods.
The period of total uninterrupted engagement including previous renewals and reappointments is seven years, covering the years
ending 2016 to 2022.
ƒ The audit opinion is consistent with the additional report to the audit committee.

Market segments
USE OF OUR REPORT
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.
Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them
in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we
have formed.

Colin Brown (Senior statutory auditor)

for and on behalf of Ernst & Young LLP, Statutory Auditor
London

Corporate Responsibility
15 February 2023

Financial review
Governance
other information
Financial statements and
162 RELX
RELX Annual Report 2022 | Financial statements and other information

Consolidated income statement

FOR THE YEAR ENDED 31 DECEMBER 2020 2021 2022

Note £m £m £m
Revenue 2 7,110 7,244 8,553
Cost of sales (2,487) (2,562) (3,045)
Gross profit 4,623 4,682 5,508
Selling and distribution costs (1,212) (1,197) (1,385)
Administration and other expenses (1,901) (1,630) (1,819)
Share of results of joint ventures 15 29 19
Operating profit 2, 3 1,525 1,884 2,323
Finance income 7 3 8 4
Finance costs 7 (175) (150) (205)
Net finance costs (172) (142) (201)
Disposals and other non-operating items 8 130 55 (9)
Profit before tax 1,483 1,797 2,113
Current tax (264) (422) (534)
Deferred tax (11) 96 53
Tax expense 9 (275) (326) (481)
Net profit for the year 1,208 1,471 1,632

Attributable to:
Shareholders 1,224 1,471 1,634
Non-controlling interests (16) – (2)
Net profit for the year 1,208 1,471 1,632

Earnings per share

FOR THE YEAR ENDED 31 DECEMBER 2020 2021 2022
Basic earnings per share
RELX PLC 10 63.5 p 76.3 p 85.2 p

Diluted earnings per share

RELX PLC 10 63.2 p 75.8 p 84.7 p
RELX
RELX Annual Report 2022 163

Consolidated statement of comprehensive income

Overview
FOR THE YEAR ENDED 31 DECEMBER 2020 2021 2022
Note £m £m £m
Net profit for the year 1,208 1,471 1,632
Items that will not be reclassified to profit or loss:
Actuarial (losses)/gains on defined benefit pension schemes 6 (155) 321 164
Tax on items that will not be reclassified to profit or loss 9 39 (48) (43)
Total items that will not be reclassified to profit or loss (116) 273 121

Market segments
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations (265) 223 427
Fair value movements on cash flow hedges 17 (6) 10 (18)
Transfer to profit from cash flow hedge reserve 17 22 (9) (17)
Tax on items that may be reclassified to profit or loss 9 (4) (1) 8
Total items that may be reclassified to profit or loss (253) 223 400
Other comprehensive (loss)/ income for the year (369) 496 521
Total comprehensive income for the year 839 1,967 2,153

Attributable to:
Shareholders 855 1,967 2,155

Corporate Responsibility
Non-controlling interests (16) – (2)
Total comprehensive income for the year 839 1,967 2,153

Financial review
Governance
other information
Financial statements and
164 RELX
RELX Annual Report 2022 | Financial statements and other information

Consolidated statement of cash flows

FOR THE YEAR ENDED 31 DECEMBER 2020 2021 2022

Note £m £m £m
Cash flows from operating activities
Cash generated from operations 11 2,264 2,476 3,061
Interest paid (including lease interest) (179) (119) (169)
Interest received 7 1 4
Tax paid (net) (496) (342) (495)
Net cash from operating activities 1,596 2,016 2,401

Cash flows from investing activities

Acquisitions 11 (869) (254) (394)
Purchases of property, plant and equipment (43) (28) (36)
Expenditure on internally developed intangible assets (319) (309) (400)
Purchase of investments (2) (8) (66)
Proceeds from disposals of property, plant and equipment – 5 –
Gross proceeds from business disposals and sale of investments 54 220 19
Payments on business disposals (25) (30) (15)
Dividends received from joint ventures 31 20 33
Net cash used in investing activities (1,173) (384) (859)

Cash flows from financing activities

Dividends paid to shareholders 13 (880) (920) (983)
Distributions to non-controlling interests (6) (10) (9)
Decrease in short-term bank loans, overdrafts and commercial paper 11 (436) (200) (101)
Issuance of term debt 11 2,342 – 397
Repayment of term debt 11 (1,233) (431) (35)
Repayment of leases 11 (105) (93) (79)
Receipts in respect of subleases 11 15 17 1
Disposal of non-controlling interest – – (1)
Repurchase of ordinary shares 23 (150) – (500)
Purchase of shares by Employee Benefit Trust 23 (37) (1) (50)
Proceeds on issue of ordinary shares 16 32 26
Net cash used in financing activities (474) (1,606) (1,334)

(Decrease)/increase in cash and cash equivalents 11 (51) 26 208

Movement in cash and cash equivalents

At start of year 138 88 113
(Decrease)/increase in cash and cash equivalents (51) 26 208
Exchange translation differences 1 (1) 13
At end of year 88 113 334
RELX
RELX Annual Report 2022 165

Consolidated statement of financial position

Overview
AS AT 31 DECEMBER 2021 2022
Note £m £m
Non-current assets
Goodwill 14 7,366 8,388
Intangible assets 14 3,304 3,524
Investments in joint ventures and associates 15 105 159
Other investments 15 107 127

Market segments
Property, plant and equipment 16 131 126
Right-of-use assets 22 161 145
Other receivables 19 5
Deferred tax assets 9 210 146
Net pension assets 6 46 129
Derivative financial instruments 17 52 11
11,501 12,760
Current assets
Inventories and pre-publication costs 18 253 309
Trade and other receivables 19 1,960 2,405
Derivative financial instruments 17 31 21
Cash and cash equivalents 11 113 334

Corporate Responsibility
2,357 3,069
Total assets 13,858 15,829

Current liabilities
Trade and other payables 20 3,275 4,017
Derivative financial instruments 17 2 33
Debt 21 232 870
Taxation 9 192 249
Provisions 47 18
3,748 5,187
Non-current liabilities
Derivative financial instruments 17 12 236

Financial review
Debt 21 5,935 5,860
Deferred tax liabilities 9 591 590
Net pension obligations 6 315 184
Other payables 10 3
Provisions 23 15
6,886 6,888
Total liabilities 10,634 12,075
Net assets 3,224 3,754

Capital and reserves

Share capital 23 286 279
Share premium 1,491 1,517

Governance
Shares held in treasury 23 (876) (414)
Translation reserve 250 677
Other reserves 24 2,081 1,717
Shareholders’ equity 3,232 3,776
Non-controlling interests (8) (22)
Total equity 3,224 3,754

The consolidated financial statements were approved by the Board of Directors and authorised for issue on 15 February 2023. They
were signed on its behalf by:

N L Luff
Chief Financial Officer
other information
Financial statements and
166 RELX
RELXAnnual Report 2022 | Financial statements and other information

Consolidated statement of changes in equity

Non-
Share Share Shares held Translation Other Shareholders’ controlling Total
capital premium in treasury reserve reserves equity interests equity
Note £m £m £m £m £m £m £m £m
Balance at 1 January 2020 286 1,443 (834) 292 979 2,166 24 2,190
Total comprehensive income for
the year – – – (265) 1,120 855 (16) 839
Dividends paid 13 – – – – (880) (880) (6) (886)
Issue of ordinary shares, net of
expenses 23 – 16 – – – 16 – 16
Repurchase of ordinary shares – – (87) – – (87) – (87)
Increase in share based
remuneration reserve (net of tax) – – – – 27 27 – 27
Settlement of share awards – – 34 – (34) – – –
Acquisitions – – – – 2 2 (2) –
Exchange differences on translation
of capital and reserves – – – – – – 2 2
Balance at 1 January 2021 286 1,459 (887) 27 1,214 2,099 2 2,101
Total comprehensive income for
the year – – – 223 1,744 1,967 – 1,967
Dividends paid 13 – – – – (920) (920) (10) (930)
Issue of ordinary shares, net of
expenses 23 – 32 – – – 32 – 32
Repurchase of ordinary shares – – (1) – – (1) – (1)
Increase in share based
remuneration reserve (net of tax) – – – – 55 55 – 55
Settlement of share awards – – 12 – (12) – – –
Balance at 1 January 2022 286 1,491 (876) 250 2,081 3,232 (8) 3,224
Total comprehensive income for
the year – – – 427 1,728 2,155 (2) 2,153
Dividends paid 13 – – – – (983) (983) (9) (992)
Issue of ordinary shares, net of
expenses 23 – 26 – – – 26 – 26
Repurchase of ordinary shares – – (650) – – (650) – (650)
Purchase of shares by the employee
benefit trust 23 – – (50) – – (50) – (50)
Cancellation of shares 23 (7) – 1,127 – (1,120) – – –
Increase in share based
remuneration reserve (net of tax) – – – – 47 47 – 47
Settlement of share awards – – 35 – (35) – – –
Disposal of non-controlling interest – – – – (1) (1) – (1)
Exchange differences on translation
of capital and reserves – – – – – – (3) (3)
Balance at 31 December 2022 279 1,517 (414) 677 1,717 3,776 (22) 3,754
RELX
RELX Annual Report 2022 | Notes to the consolidated financial statements 167

Notes to the consolidated financial statements

Overview
for the year ended 31 December 2022

1 Basis of preparation and accounting policies

Basis of preparation
The shares of RELX PLC are traded on the London, Amsterdam and New York stock exchanges. RELX PLC and its subsidiaries, joint
ventures and associates are together known as ‘RELX’. In preparing the consolidated financial statements, subsidiaries are accounted
for under the acquisition method and investments in associates and joint ventures are accounted for under the equity method. All intra-
group transactions and balances are eliminated.

Market segments
On acquisition of a subsidiary, or interest in an associate or joint venture, fair values, reflecting conditions at the date of acquisition, are
attributed to the net assets, including identifiable intangible assets acquired. Adjustments are made to bring accounting policies into line
with those of the Group. The results of subsidiaries sold or acquired are included in the consolidated financial statements up to or from
the date that control passes from or to the Group. Non-controlling interests in the net assets of the Group are identified separately from
shareholders’ equity. Non-controlling interests consist of the amount of those interests at the date of the original acquisition and the non-
controlling share of changes in equity since the date of acquisition.
The directors of RELX PLC, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in
operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the
consolidated financial information for the year ended 31 December 2022. As part of the going concern assessment the directors
considered the sufficiency of the group’s liquidity resources, including committed credit facilities, over the 18 month period to 30 June
2024. Please refer to page 95 for further disclosure in respect of going concern.

Corporate Responsibility
In preparing the Group financial statements management has considered the impact of climate change, taking into account the relevant
disclosures in the Strategic Report, including those made in accordance with the recommendations of the Taskforce on Climate-related
Financial Disclosure. This included an assessment of assets with indefinite and long lives and how they could be impacted by measures
taken to address global warming. Recognising that the Group's operations, and the use of the Group's products, have a relatively low
environmental impact, no issues were identified that would impact the carrying values of such assets or have any other material impact
on the financial statements.
The 2022 annual report and accounts presents multi-year data with the earliest period on the left and the latest period on the right.
This aligns with the approach used in our other investor relations material and allows better understanding of multi-year trends.
Accounting policies
The Group’s consolidated financial statements are prepared in accordance with UK adopted International Accounting Standards in

Financial review
conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRS) as issued by
the International Accounting Standards Board (IASB). The accounting policies under IFRS are included in the relevant notes to the
consolidated financial statements. The accounting policies below are applied throughout the financial statements and are unchanged
from those applied in preparing the consolidated financial statements for the year ended 31 December 2021.
Foreign exchange translation
The consolidated financial statements are presented in sterling.
Transactions in foreign currencies are recorded at the rate of exchange prevailing on the date of the transaction. Non-monetary assets
and liabilities that are measured at historical cost in foreign currencies are translated using the exchange rate at the date of the
transaction. At each statement of financial position date, monetary assets and liabilities that are denominated in foreign currencies are
retranslated at the rate prevailing on the statement of financial position date. Exchange differences arising are recorded in the income
statement other than where hedge accounting applies, as set out on pages 189 to 194.

Governance
Assets and liabilities of foreign operations are translated at exchange rates prevailing on the statement of financial position date. Income
and expense items and cash flows of foreign operations are translated at the average exchange rate for the period. Significant individual
items of income and expense and cash flows in foreign operations are translated at the rate prevailing on the date of transaction.
Exchange differences arising are classified as equity and transferred to the translation reserve. When foreign operations are disposed
of, the related cumulative translation differences are recognised within the income statement in the period.
The Group uses derivative financial instruments, primarily forward contracts, to hedge its exposure to certain foreign exchange risks.
Details of the Group’s accounting policies in respect of derivative financial instruments are set out on page 189.
Critical judgements and key sources of estimation uncertainty
The preparation of financial statements requires management to make judgements and estimates in the application of accounting
policies used to report the financial position, results and cash flows of the Group. The actual outcome may differ to these estimates.
other information
Financial statements and

The critical judgements and key sources of estimation uncertainty are summarised below. Further detail is provided in the notes to the
financial statements as referenced.
Critical judgements
Ŷ Capitalisation of development spend: assessing the potential value of a development project and determining the costs which are
eligible for capitalisation (see note 14)
Key sources of estimation uncertainty
Ŷ Taxation: the valuation of provisions related to uncertain tax positions (see note 9)
Ŷ Defined benefit pension obligation: determining an appropriate rate at which the future pension payments are discounted, mortality
and inflation assumptions (see note 6)
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RELX Annual Report 2022 | Financial statements and other information

1 Basis of preparation and accounting policies (continued)

Other areas of judgement and accounting estimates
The consolidated financial statements include other areas of judgement and accounting estimates. While these do not meet the
definition under IAS 1 of critical judgements or significant accounting estimates, key areas of judgement in estimating the values in use
of businesses are the growth in cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and
the discount rate applied to the forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows
and discount rates.
Ŷ Goodwill: The assessment of the carrying value of goodwill requires management judgement and estimation to determine the
value in use of the businesses (see note 14).
Ŷ Acquired intangible assets: Judgement is involved in identification of separate intangible assets on acquisition and estimation is
required to determine future cashflows and discount rates used in valuation (see note 14).
Other significant accounting policies
The accounting policy in respect of revenue recognition is also significant in determining the financial condition and results of the Group.
The application of this policy is straightforward and is included in note 2.
Standards and amendments effective for the year
The interpretations and amendments to IFRS effective for 2022 have not had a significant impact on the Group’s accounting policies or
reporting.
Standards, amendments and interpretations not yet effective
A number of amendments and interpretations have been issued which are not expected to have any significant impact on the
accounting policies and reporting.

2 Revenue, operating profit and segment analysis

Accounting policy
The Group’s reported segments are based on the internal reporting structure and financial information provided to the Board.
Adjusted operating profit is the key segmental profit measure used by the Group in assessing performance. Adjusted operating
profit is reconciled to operating profit on page 171.
Revenue arises from the provision of products and services under contracts with customers. In all cases, revenue is recognised to
depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity
expects to be entitled in exchange for those goods or services, and is recognised when the customer obtains control of the goods
or service.
Revenue is stated at the transaction price, which includes allowance for anticipated discounts and returns and excludes customer
sales taxes and other amounts to be collected on behalf of third-parties.
Where the goods or services promised within a contract are distinct, they are identified as separate performance obligations and are
accounted for separately.
Where separate performance obligations are identified, total revenue is allocated on the basis of relative standalone selling prices or
management’s best estimate of relative value where standalone selling prices do not exist. Management estimates may include a
cost-plus method or comparable product approach, but must be supported by objective evidence. A residual approach may be
applied where it is not possible to derive a reliable management estimate for a specific component.
Our subscription and exhibition related revenue streams generally require payment in advance of the service being provided.
Payment terms offered to customers are in line with the standard in the markets and geographies we operate in, and contracts do
not contain significant financing components. Contracts for our transactional electronic revenue streams generally have payments
that vary with volume of usage. Other than that, our contracts do not involve variable consideration.
Revenue is recognised for the various categories as follows:
Ŷ Subscriptions – revenue comprises income derived from the periodic distribution or update of a product. Subscription revenue
is generally invoiced in advance and recognised systematically over the period of the subscription. Recognition is either on a
straight-line basis where the transaction involves the transfer of goods and services to the customer in a consistent manner over
a specific period of time; or based on the value received by the customer where the goods and services are not delivered in a
consistent manner
Ŷ Transactional – revenue is recognised when control of the product is passed to the customer or the service has been performed.
For exhibitions, revenue primarily comprises income from exhibitors and attendees at exhibitions. Exhibition revenue is
recognised on occurrence of the exhibition


RELX
RELX Annual Report 2022 | Notes to the consolidated financial statements 169

Overview
2 Revenue, operating profit and segment analysis (continued)
RELX is a global provider of information-based analytics and decision tools for professional and business customers. Operating in four major
market segments: Risk provides customers with information-based analytics and decision tools that combine public and industry-specific
content with advanced technology and algorithms to assist them in evaluating and predicting risk and enhancing operational efficiency;
Scientific, Technical & Medical provides information and analytics that help institutions and professionals progress science, advance
healthcare and improve performance; Legal provides legal, regulatory and business information and analytics that helps customers increase

Market segments
their productivity, improve decision-making and achieve better outcomes; and Exhibitions combines industry expertise with data and digital
tools to help customers connect digitally and face-to-face, learn amount markets, source products and complete transactions.
ANALYSIS BY BUSINESS SEGMENT Revenue Adjusted operating profit
2020 2021 2022 2020 2021 2022
£m £m £m £m £m £m
Risk 2,417 2,474 2,909 894 915 1,078
Scientific, Technical & Medical 2,692 2,649 2,909 1,021 1,001 1,100
Legal 1,639 1,587 1,782 330 326 372
Exhibitions 362 534 953 (164) 10 162
Sub-total 7,110 7,244 8,553 2,081 2,252 2,712
Unallocated central costs and other operating
items – – – (5) (42) (29)

Corporate Responsibility
Total 7,110 7,244 8,553 2,076 2,210 2,683

Exceptional costs excluded from adjusted operating profit in 2020 are disclosed on page 171. In 2021, unallocated central costs and
other operating items includes a £35m one-off charge relating to reductions in our corporate real estate footprint. In 2022, this includes
a charge of £24m relating to STM incurred from exchange rate movements from the translation of working capital items such as
accounts receivable and payable, and intercompany balances, into relevant functional currencies and the outcome of STM’s hedging
programme. The net effect of these amounts was higher in 2022 due to the extent and timing of exchange rate movements in the year
and such amounts were insignificant in 2021 and 2020.

2020 Scientific, Technical

Risk & Medical Legal Exhibitions Total
Revenue by geographical market

Financial review
North America 1,921 1,224 1,119 43 4,307
Europe 327 621 338 83 1,369
Rest of world 169 847 182 236 1,434
Total revenue 2,417 2,692 1,639 362 7,110

Revenue by format
Electronic 2,387 2,326 1,422 44 6,179
Face-to-face 19 1 7 318 345
Print 11 365 210 – 586
Total revenue 2,417 2,692 1,639 362 7,110

Revenue by type

Governance
Subscriptions 944 2,048 1,287 – 4,279
Transactional 1,473 644 352 362 2,831
Total revenue 2,417 2,692 1,639 362 7,110

2021 Scientific, Technical

Risk & Medical Legal Exhibitions Total
Revenue by geographical market
North America 1,957 1,215 1,049 100 4,321
Europe 342 602 341 187 1,472
Rest of world 175 832 197 247 1,451
Total revenue 2,474 2,649 1,587 534 7,244

Revenue by format
other information
Financial statements and

Electronic 2,453 2,334 1,385 58 6,230

Face-to-face 13 2 9 476 500
Print 8 313 193 – 514
Total revenue 2,474 2,649 1,587 534 7,244

Revenue by type
Subscriptions 989 1,970 1,255 – 4,214
Transactional 1,485 679 332 534 3,030
Total revenue 2,474 2,649 1,587 534 7,244

170 RELX
RELX Annual Report 2022 | Financial statements and other information

2 Revenue, operating profit and segment analysis (continued)

2022 Scientific, Technical
Risk & Medical Legal Exhibitions Total
Revenue by geographical market
North America 2,317 1,391 1,213 180 5,101
Europe* 384 614 357 445 1,800
Rest of world 208 904 212 328 1,652
Total revenue 2,909 2,909 1,782 953 8,553

Revenue by format
Electronic 2,890 2,573 1,582 67 7,112
Face-to-face 11 5 10 886 912
Print 8 331 190 – 529
Total revenue 2,909 2,909 1,782 953 8,553

Revenue by type
Subscriptions 1,135 2,139 1,381 – 4,655
Transactional 1,774 770 401 953 3,898
Total revenue 2,909 2,909 1,782 953 8,553
* Europe includes revenue of £544m from the United Kingdom (2021: £476m; 2020: £464m).

Over half of RELX’s revenue comes from subscription arrangements, and revenue for these is generally recognised on a straight-line
basis over the time period covered by the agreement, in line with the provision of services.
There are a number of multi-year contracts, mainly in Risk, where revenue is recognised on the achievement of delivery milestones or
other specified performance obligations. As at 31 December 2022, the aggregate amount of the transaction price of such contracts
which relates to performance obligations which have not yet been delivered was approximately £100m (2021: £95m). It is expected that
revenue will be recognised in relation to this amount over the next six years.

ANALYSIS OF REVENUE BY GEOGRAPHICAL ORIGIN 2020 2021 2022

£m £m £m
North America 4,192 4,204 5,002
Europe 2,436 2,547 2,974
Rest of world 482 493 577
Total 7,110 7,244 8,553

Revenue by geographical origin from the United Kingdom in 2022 was £1,481m (2021: £1,248m; 2020: £1,176m).
ANALYSIS BY BUSINESS
SEGMENT Expenditure on
acquired goodwill and Capital expenditure Amortisation of acquired Total depreciation and
intangible assets additions intangible assets other amortisation
2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022
£m £m £m £m £m £m £m £m £m £m £m £m
Risk 822 208 155 93 83 122 192 186 204 98 93 94
Scientific, Technical &
Medical 169 58 206 94 87 103 65 63 60 148 144 119
Legal – 12 33 153 145 186 68 27 12 210 220 229
Exhibitions 6 9 – 24 24 28 51 22 20 73 30 49
Total 997 287 394 364 339 439 376 298 296 529 487 491

Capital expenditure comprises additions to property, plant and equipment and internally developed intangible assets.
Amortisation of acquired intangible assets includes amounts in respect of joint ventures of £1m (2021: £1m; 2020: nil) in Exhibitions.
Depreciation and other amortisation includes depreciation on property, plant and equipment and right-of-use assets and amortisation of
internally developed intangible assets and pre-publication costs.
In 2020, £38m of depreciation and other amortisation was classified as exceptional in Exhibitions. Excluding this amount gives total
depreciation and other amortisation of £491m for 2020.

RELX
RELX Annual Report 2022 | Notes to the consolidated financial statements 171

Overview
2 Revenue, operating profit and segment analysis (continued)
ANALYSIS OF NON-CURRENT ASSETS BY GEOGRAPHICAL LOCATION 2021 2022
£m £m
North America 8,657 9,821
Europe 2,123 2,193
Rest of world 413 460

Market segments
Total 11,193 12,474

Non-current assets held in the United Kingdom totalled £1,253m (2021: £1,299m; 2020: £1,158m). Non-current assets by
geographical location exclude amounts relating to deferred tax, pension assets and derivative financial instruments.

Operating profit is reconciled to adjusted operating profit as follows:

RECONCILIATION OF OPERATING PROFIT TO ADJUSTED OPERATING PROFIT 2020 2021 2022
£m £m £m
Operating profit 1,525 1,884 2,323
Adjustments:
Amortisation of acquired intangible assets 376 298 296
Acquisition-related items (12) 21 62

Corporate Responsibility
Reclassification of tax in joint ventures 5 7 4
Reclassification of finance income in joint ventures (1) – (2)
Exceptional costs in Exhibitions 183 – –
Adjusted operating profit 2,076 2,210 2,683

In 2020, Exhibitions incurred exceptional costs of £183m. Of the £183m exceptional costs, £135m were cash costs, of which £25m
were paid in 2022 (2021: £52m; 2020: £51m). All costs were included within administration and other expenses in the income statement.
Acquisition-related items in 2021 included a gain of £27m from the revaluation of a put and call option arrangement relating to a
non-controlling interest in a subsidiary within Legal.
The share of post-tax results of joint ventures of £19m (2021: £29m; 2020: £15m) included in operating profit comprised £10m
(2021: £19m; 2020: £10m) relating to Exhibitions, £7m (2021: £6m; 2020: £4m;) relating to Legal and £2m (2021: £4m; 2020: £1m)
relating to Risk.

Financial review
3 Operating expenses
Operating profit is stated after charging/(crediting) the following:
2020 2021 2022
Note £m £m £m
Total staff costs 5 2,555 2,549 2,906
Depreciation and amortisation
Amortisation of acquired intangible assets 14 376 297 294
Share of joint ventures’ amortisation of acquired intangible assets – 1 2
Amortisation of acquired intangible assets including joint ventures’ share 376 298 296
Amortisation of internally developed intangible assets 14 319 295 309

Governance
Depreciation of property, plant and equipment 16 60 52 47
Depreciation of right-of-use assets 88 80 63
Pre-publication amortisation 62 60 72
Total depreciation and other amortisation 2 529 487 491
Total depreciation and amortisation (including amortisation of acquired
intangibles) 905 785 787
Other expenses and income
Cost of sales including pre-publication costs and inventory expenses 2,487 2,562 3,045
Short-term and low value lease expenses 21 21 19
Operating lease rentals income (1) (1) (1)

The amortisation of acquired intangible assets is included within administration and other expenses. In 2020, £38m of depreciation and
other information
Financial statements and

other amortisation was classified as exceptional in Exhibitions. Excluding this amount gives a total depreciation and other amortisation of
£491m for 2020.
172 RELX
RELX Annual Report 2022 | Financial statements and other information

4 Auditor’s remuneration
2020 2021 2022
£m £m £m
Auditor’s remuneration
Payable to the auditors of RELX PLC 0.9 0.9 0.9
Payable to the auditors of the Group’s subsidiaries 8.3 7.7 8.2
Audit services 9.2 8.6 9.1
Audit-related assurance services 0.8 0.5 0.6
Total auditor’s remuneration 10.0 9.1 9.7

Amounts payable to the auditors of the Group’s subsidiaries include amounts for the audit of internal controls over financial reporting
in accordance with the US Sarbanes-Oxley Act. The increase in the 2022 audit fee is mainly due to foreign exchange movements.
The previously reported 2021 fees paid to EY for audit services have been revised to include additional amounts for expenses incurred
and final fees for statutory audits which took place subsequent to the audit of the RELX consolidated accounts.

5 Personnel
Accounting policy
6KDUHEDVHGUHPXQHUDWLRQ
The fair value of share based remuneration is determined at the date of grant and recognised as an expense in the income statement
on a straight-line basis over the vesting period, taking account of the estimated number of shares that are expected to vest. Market
based performance criteria are taken into account when determining the fair value at the date of grant. Non-market based
performance criteria are taken into account when estimating the number of shares expected to vest. The fair value of share based
remuneration is determined by use of a binomial or Monte Carlo simulation model as appropriate. All of the Group’s share based
remuneration is equity settled.

2020 2021 2022

Note £m £m £m
Staff costs
Wages and salaries 2,173 2,157 2,453
Social security costs 232 214 257
Pensions 6 125 133 150
Share based remuneration 25 45 46
Total staff costs 2,555 2,549 2,906

The Group provides a number of share based remuneration schemes to directors and employees. The principal share based
remuneration schemes are the Executive Share Option Schemes (ESOS), the Long-Term Incentive Plan (LTIP) and the Retention Share
Plan (RSP). Share options granted under ESOS are exercisable after three years and up to ten years from the date of grant at a price
equivalent to the market value of the respective shares at the date of grant. Conditional shares granted under LTIP and RSP are
exercisable after three years for nil consideration if conditions are met. Other awards principally relate to all employee share based
saving schemes in the UK and the Netherlands. Further details are provided in the Remuneration Report on pages 121 to 142.
NUMBER OF PEOPLE EMPLOYED: FULL-TIME
EQUIVALENTS* At 31 December Average during the year
2020 2021 2022 2020 2021 2022
Business segment
Risk 9,700 10,000 10,800 9,600 9,800 10,400
Scientific, Technical & Medical 8,600 8,700 9,500 8,300 8,600 9,300
Legal 10,400 10,500 11,300 10,500 10,300 10,900
Exhibitions 3,700 3,500 3,300 4,200 3,600 3,300
Sub-total 32,400 32,700 34,900 32,600 32,300 33,900
Corporate/shared functions 800 800 800 800 800 800
Total 33,200 33,500 35,700 33,400 33,100 34,700
Geographical location
North America 14,200 14,000 14,900 14,200 13,900 14,500
Europe 9,500 9,300 9,800 9,600 9,400 9,500
Rest of world 9,500 10,200 11,000 9,600 9,800 10,700
Total 33,200 33,500 35,700 33,400 33,100 34,700
* Reported to the nearest 100.

The number of UK full-time equivalents as at 31 December 2022 was 5,800 (2021: 5,400; 2020: 5,400) and the average during
the year was 5,600 (2021: 5,400; 2020: 5,400).

RELX
RELX Annual Report 2022 | Notes to the consolidated financial statements 173

Overview
6 Pension schemes
Accounting policy
The expense of defined benefit pension schemes and other post-retirement employee benefits is determined using the projected
unit credit method and charged in the income statement as an operating expense, based on actuarial assumptions reflecting market
conditions at the beginning of the financial year. Actuarial gains and losses are recognised in full in the statement of comprehensive

Market segments
income in the period in which they occur.
Past service costs and credits are recognised immediately at the earlier of when plan amendments or curtailments occur and when
related restructuring costs or termination benefits are recognised. Settlements are recognised when they occur.
Net pension obligations in respect of defined benefit schemes are included in the statement of financial position at the present value
of scheme liabilities, less the fair value of scheme assets. Where schemes are in surplus, i.e. assets exceed liabilities, the net
pension assets are separately included in the statement of financial position. Any net pension asset is limited to the extent that the
asset is recoverable.
The expense of defined contribution pension schemes and other employee benefits is charged in the income statement as incurred.
At 31 December 2022, the Group operates defined benefit pension schemes in the UK and the US. These schemes require
management to exercise judgement in: estimating the ultimate cost of providing post-employment benefits, especially given the

Corporate Responsibility
length of each scheme’s liabilities and; for funded schemes in an accounting surplus position, whether the surplus can be
recognised.
.H\VRXUFHRIHVWLPDWLRQXQFHUWDLQW\
Accounting for defined benefit pension schemes involves judgement and estimation about uncertain events, including the life
expectancy of the members, inflation and the rate at which the future pension payments are discounted. Estimates for these factors
are used in determining the pension cost and liabilities reported in the financial statements. The estimates made around future
developments of each of the critical assumptions are made in conjunction with independent actuaries. Each scheme is subject to a
periodic review by independent actuaries. The discount rate, inflation rate and mortality assumptions may have a material effect in
determining the defined benefit pension obligation and costs which are reported in the financial statements. Information regarding
the more significant assumptions used for valuation is provided below, together with a sensitivity analysis.

Financial review
A number of pension schemes are operated around the world. The largest defined benefit schemes as at 31 December 2022 were in
the UK and the US, and are summarised below.
0DMRUGHILQHGEHQHILWVFKHPHVLQSODFHDW'HFHPEHU
The UK scheme is a final salary scheme and is closed to new hires. Members accrue a portion of their final pensionable earnings based
on the number of years of service. The US scheme is a cash balance scheme and was closed to future accruals effective 1 January 2019.
Each of the major defined benefit schemes is administered by a separate fund that is legally separated from the Group. The trustees of
the pension funds in the UK and plan fiduciaries of the US scheme are required by law to act in the interest of the funds’ beneficiaries.
In the UK, the trustees of the pension fund are responsible for the investment policy with regard to the assets of the fund. The board of
trustees consists of an equal number of company-appointed and member-nominated Directors. In the US, the fiduciary duties for the
scheme are allocated between committees which are staffed by senior employees of the Group; the investment committee has the
primary responsibility for the investment and management of plan assets. The funding of the Group’s major schemes reflects the

Governance
different rules within each jurisdiction.
In the UK, the level of funding is determined by statutory triennial actuarial valuations in accordance with pensions legislation. Where the
scheme falls below 100% funded status, the Group and the scheme trustees must agree on how the deficit is to be remedied. The UK
Pensions Regulator has significant powers and sets out in codes and guidance the parameters for scheme funding. As a result of the
2021 triennial valuation, the Group’s remaining deficit funding contributions to the scheme over the period 2023 to 2024 are £76m.
The US scheme has an annual statutory valuation which forms the basis for establishing the employer contribution each year (subject to
ERISA and IRS minimums). Should the statutory funded status fall to below 100%, the US Pension Protection Act requires the deficit to
be rectified with additional contributions over a seven-year period. The US scheme’s funded status is in excess of 100%.
Employer cash contributions to defined benefit pension schemes in respect of 2023 are expected to be approximately £63m including a
£50m pension deficit funding contribution relating to the UK scheme recovery plan.
other information
Financial statements and

The pension expense (excluding interest amounts) recognised in the income statement consists of:
2020 2021 2022
£m £m £m
Defined benefit pension expense 11 24 19
Defined contribution pension expense 114 109 131
Total 125 133 150

£150m (2021: £133m; 2020: £125m) of the total pension cost is recognised within operating profit.

174 RELX
RELX Annual Report 2022 | Financial statements and other information

6 Pension schemes (continued)

The amounts recognised in the income statement in respect of defined benefit pension schemes during the year are presented by major
scheme as follows:
2020 2021 2022
UK US Total UK US Total UK US Total
£m £m £m £m £m £m £m £m £m
Service cost 21 3 24 21 3 24 16 3 19
Settlement and past service credits – (13) (13) – – – – – –
Defined benefit pension expense 21 (10) 11 21 3 24 16 3 19
Net interest on net defined benefit obligation 9 1 10 8 1 9 4 1 5
Net defined benefit pension expense 30 (9) 21 29 4 33 20 4 24

In 2020, the past service credit relates to changes to the US scheme allowing in-service distributions to be made.
Net interest on net defined benefit pension scheme liabilities is presented within net finance costs in the income statement.
The significant valuation assumptions, determined for each major scheme in conjunction with the respective independent actuaries,
are presented below. The net defined benefit pension expense for each year is based on the assumptions and scheme valuations set at
31 December of the prior year.
AS AT 31 DECEMBER 2020 2021 2022
UK US UK US UK US
Discount rate 1.45% 2.45% 1.95% 2.80% 4.90% 5.35%
Inflation 2.80% 2.50% 3.30% 2.50% 3.20% 2.50%

Discount rates are set by reference to high-quality corporate bond yields.

Mortality assumptions make allowance for future improvements in longevity and have been determined by reference to applicable
mortality statistics. The average life expectancy assumptions are set out below:
AS AT 31 DECEMBER 2022 Male average life Female average
expectancy life expectancy
UK US UK US
Member currently aged 60 years 85 86 89 88
Member currently aged 45 years 87 86 90 89

RELX
RELX Annual Report 2022 | Notes to the consolidated financial statements 175

Overview
6 Pension schemes (continued)
The amount recognised in the statement of financial position in respect of defined benefit pension schemes at the start and end of
the year and the movements during the year were as follows:
2021 2022
UK US Total UK US Total
£m £m £m £m £m £m

Market segments
Defined benefit obligation
At start of year (4,668) (1,062) (5,730) (4,629) (992) (5,621)
Service cost (21) (3) (24) (16) (3) (19)
Interest on pension scheme liabilities (67) (25) (92) (89) (29) (118)
Actuarial gain on financial assumptions 155 38 193 1,809 224 2,033
Actuarial loss arising from experience assumptions (152) (1) (153) (81) (7) (88)
Contributions by employees (9) – (9) (8) – (8)
Benefits paid 133 69 202 127 54 181
Exchange translation differences – (8) (8) – (112) (112)
At end of year (4,629) (992) (5,621) (2,887) (865) (3,752)

Fair value of scheme assets

Corporate Responsibility
At start of year 4,076 1,077 5,153 4,390 1,007 5,397
Interest income on plan assets 59 24 83 85 28 113
Return on assets excluding amounts included in
interest income 318 (39) 279 (1,573) (247) (1,820)
Contributions by employer 61 6 67 69 6 75
Contributions by employees 9 – 9 8 – 8
Benefits paid (133) (69) (202) (127) (54) (181)
Exchange translation differences – 8 8 – 114 114
At end of year 4,390 1,007 5,397 2,852 854 3,706

Opening net balance (592) 15 (577) (239) 15 (224)

Service cost (21) (3) (24) (16) (3) (19)

Financial review
Net interest on net defined benefit obligation (8) (1) (9) (4) (1) (5)
Contributions by employer 61 6 67 69 6 75
Actuarial gains/(losses) 321 (2) 319 155 (30) 125
Exchange translation differences – – – – 2 2
Net pension balance (239) 15 (224) (35) (11) (46)
Impact of asset ceiling (3) (42) (45) (5) (4) (9)
Overall net pension balance (242) (27) (269) (40) (15) (55)

As at 31 December 2022, the defined benefit obligations comprised £3,569m (2021: £5,360m) in relation to funded schemes and
£183m (2021: £261m) in relation to unfunded schemes.
The weighted average duration of defined benefit scheme liabilities is 15 years in the UK (2021: 19 years) and 9 years in the US

Governance
(2021: 11 years). Net deferred tax assets of £14m (2021: £68m) are recognised in respect of the net pension balance.
A net pension asset has been recognised in relation to the UK and US funded scheme after considering the guidance in IAS 19 –
Employee Benefits and IFRIC 14. The UK funded scheme moved into a surplus position for the first time at the interim reporting date of
30 June 2022. The split between net pension obligations and net pension assets is as follows:
2021 2022
£m £m
Net pension asset recognised 46 129
Net pension obligation (315) (184)
Overall net pension balance (269) (55)


other information
Financial statements and
176 RELX
RELX Annual Report 2022 | Financial statements and other information

6 Pension schemes (continued)

Amounts recognised in the statement of comprehensive income are set out below:
2020 2021 2022
£m £m £m
Gains and losses arising during the year:
Experience gains/(losses) on scheme liabilities 47 (153) (88)
Experience gains/(losses) on scheme assets 426 279 (1,820)
Actuarial (losses)/gains on the present value of scheme liabilities due to changes in:
– discount rates (671) 463 2,000
– inflation 127 (290) 32
– other actuarial assumptions (47) 20 1
(118) 319 125
Net cumulative losses at start of year (828) (946) (627)
Net cumulative losses at end of year (946) (627) (502)

In addition, a gain of £39m (2021: £2m) is recognised in the statement of comprehensive income in relation to the asset ceiling. As at
31 December 2022, the impact of the asset ceiling on the overall net pension obligation is £9m (2021: £45m). In 2022 there was a £4m
(2021: nil) foreign exchange gain on the asset ceiling.
The major categories and fair values of scheme assets at the end of the reporting period are as follows:
FAIR VALUE OF SCHEME ASSETS 2021 2022
UK US Total UK US Total
£m £m £m £m £m £m
Equities 1,595 5 1,600 272 4 276
Liability matching assets 1,704 977 2,681 899 802 1,701
Property funds and ground leases 743 – 743 651 – 651
Direct lending 208 – 208 241 – 241
Cash and cash equivalents 127 25 152 788 17 805
Other 13 – 13 1 31 32
Total 4,390 1,007 5,397 2,852 854 3,706

Included within liability matching assets of the UK scheme are asset backed securities totalling £375m (2021: £593m), other credit
assets of £199m (2021: £205m) and government bonds totalling £1,721m (2021: £1,715m) offset by interest rate swaps of £115m
(2021: £2m) and short-term sale and repurchase agreements totalling £1,284m (2021: £808m) whereby the UK scheme funds the
purchase of government bonds using existing bonds as security.
Assets and obligations associated with the schemes are sensitive to changes in the market values of assets and the market-related
assumptions used to value scheme liabilities. In particular, adverse changes to asset values, discount rates or inflation could increase
future pension costs and funding requirements.
Typically, the Group’s schemes are exposed to: investment risks, whereby actual rates of return on plan assets may be below those
rates used to determine the defined benefit obligations; and interest rate risks, whereby scheme deficits may increase if bond yields
in the UK and the US decline and are not offset by returns in liability matching and other assets. The schemes are also exposed to
other risks, such as unanticipated future increases in member longevity patterns and inflation, all potentially leading to an increase in
scheme liabilities.
Investment policies of each scheme are intended to ensure continuous payment of defined benefit pensions in the short term and long
term. Efforts are made to limit risks on marketable securities by adopting investment policies that diversify assets across geographies
and among equities, liability matching assets, property funds, cash and other assets. Asset allocations are dependent on a variety of
factors including the duration of scheme liabilities and the funded position of the plan. The primary UK scheme uses a liability driven
investment (LDI) approach for part of the portfolio, investing primarily in government bonds so that the value of scheme assets change
in the same way as the scheme’s liabilities and achieve a matching effect for the most significant plan liability assumptions of interest
rates and inflation rates.
All equities and bonds have quoted prices in active markets.

RELX
RELX Annual Report 2022 | Notes to the consolidated financial statements 177

Overview
6 Pension schemes (continued)
Sensitivity analysis
The valuation of the Group’s pension scheme liabilities involves significant actuarial assumptions, being the life expectancy of the
members, inflation and the rate at which the future pension payments are discounted. Differences arising from actual experience or
future changes in assumptions may materially affect future pension charges. In particular, changes in assumptions for discount rates,
inflation and life expectancies that are reasonably possible would have the following approximate effects on the defined benefit

Market segments
pension obligations:
£m
Increase/decrease of 0.5% in discount rate 225
Increase/decrease of 0.25% in the expected inflation rate 64
Increase/decrease of one year in assumed life expectancy 95

The above analysis has been calculated on the same basis used to determine the defined benefit obligation recognised in the statement
of financial position. There has been no change in the methods used to prepare the analysis compared with prior years. This sensitivity
analysis may not be representative of the actual change in the defined benefit obligation as it is unlikely that changes in the above
assumptions would occur in isolation as some of the assumptions may be correlated.

7 Net finance costs

Corporate Responsibility
Accounting policy
Interest on borrowings is expensed as incurred. The cost of issuing borrowings is generally expensed over the period of borrowing
so as to produce a constant periodic rate of charge.

2020 2021 2022

£m £m £m
Interest on short-term bank loans, overdrafts and commercial paper (17) (11) (19)
Interest on term debt (122) (106) (157)
Interest on lease liabilities (12) (8) (6)
Total borrowing costs (151) (125) (182)
Losses on loans and derivatives not designated as hedges (13) (16) (9)

Financial review
Fair value losses on designated fair value hedge relationships – – (9)
Net financing charge on defined benefit pension schemes and other (11) (9) (5)
Finance costs (175) (150) (205)
Interest on bank deposits 2 1 4
Interest income on net finance lease receivables 1 – –
Fair value gains on designated fair value hedge relationships – 7 –
Finance income 3 8 4
Net finance costs (172) (142) (201)

Gains of £2m (2021: losses of £1m; 2020: gains of £3m) on derivatives designated as cash flow hedges were recognised in other
comprehensive income and accumulated in the hedge reserve, and may be reclassified to the income statement in future periods.
Losses of £1m (2021: nil; 2020: £4m) in total were transferred from the hedge reserve in the period.

Governance
8 Disposals and other non-operating items
Accounting policy
Assets of businesses that are available for immediate sale in their current condition and for which a sales process is considered
highly probable to complete are classified as assets held for sale and are carried at the lower of carrying value and fair value less
costs to sell. Fair value is based on anticipated disposal proceeds, typically derived from firm or indicative offers from potential
acquirers. Non-current assets are not amortised or depreciated following their classification as held for sale. Liabilities of businesses
held for sale are also separately classified on the statement of financial position. Fair value movements in the venture capital
portfolio are reported within disposals and other items – see note 15.
other information
Financial statements and

2020 2021 2022

£m £m £m
Revaluation of investments 151 16 9
(Loss)/gain on disposal of businesses and assets held for sale (21) 39 (18)
Net gain/(loss) on disposals and other non-operating items 130 55 (9)

The revaluation of investments relates mainly to venture fund investments, further details of which are provided in note 15.
During the year, net proceeds of £9m were received on the disposal of venture fund investments. In 2021, an investment in Palantir
Technologies Inc which was valued at £173m on 31 December 2020 was disposed of in February 2021 for gross proceeds of £187m.

178 RELX
RELX Annual Report 2022 | Financial statements and other information

9 Taxation
Accounting policy
Tax expense comprises current and deferred tax. Current and deferred tax are charged or credited in the income statement except
to the extent that the tax arises from a transaction or event which is recognised, in the same or a different period, outside the
income statement (either in other comprehensive income, directly in equity, or through a business combination), in which case
the tax appears in the same statement as the transaction that gave rise to it.
Current tax is the amount of corporate income taxes expected to be payable or recoverable based on the profit for the period
as adjusted for items that are not taxable or not deductible, and is calculated using tax rates and laws that were enacted or
substantively enacted at the date of the statement of financial position. Management periodically evaluates positions taken in tax
returns with respect to situations in which applicable tax regulation is subject to interpretation. Provisions are established where
appropriate on the basis of amounts expected to be paid to the tax authorities.
Current tax includes amounts provided in respect of uncertain tax positions when management expects that, upon examination of
the uncertainty by a tax authority in possession of all relevant knowledge, it is more likely than not that an economic outflow will
occur. Changes in facts and circumstances underlying these provisions are reassessed at the date of each statement of financial
position, and the provisions are remeasured as required to reflect current information.
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying
amounts in the statement of financial position. Deferred tax is calculated using tax rates and laws that have been enacted or
substantively enacted at the end of the reporting period, and which are expected to apply when the related deferred tax asset is
realised or the deferred tax liability is settled.
Deferred tax liabilities are generally recognised for all taxable temporary differences but not recognised for taxable temporary
differences arising on investments in subsidiaries, associates and joint ventures where the reversal of the temporary difference can
be controlled and it is probable that the difference will not reverse in the foreseeable future.
Deferred tax assets are recognised to the extent it is probable that taxable profits will be available against which the deductible
temporary differences can be utilised, and are reviewed at the end of each reporting period and reduced to the extent that it is no
longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The availability of
suitable taxable profit is considered probable when an entity has taxable temporary differences (i.e. deferred tax liabilities) relating
to the same taxation authority and the same taxable entity, that are expected to reverse in the same period as the deductible
temporary difference or unused tax losses or credit.
Deferred tax assets and liabilities are not recognised in respect of temporary differences that arise on initial recognition of assets
and liabilities acquired other than in a business combination. Deferred tax is not discounted.
When the acquisition of an asset qualifies to be accounted for as a business combination, deferred tax is generally required to be
recognised on the difference between the tax base and the book base of the assets and liabilities acquired and assumed. The
assets acquired often include identifiable intangible assets as well as goodwill. In many jurisdictions, the manner in which a business
combination is effected will impact the tax deductibility and therefore the deferred tax recognised in relation to such intangibles
and goodwill.
In an ‘asset acquisition’, where the buyer acquires the trade and assets of a business, there is often a tax deduction available for the
amortisation of the identifiable intangible assets and sometimes for the goodwill. In this situation, deferred tax is recognised on the
difference between the tax base and the book base of the assets.
In a ‘share acquisition’, where the buyer acquires the share capital of a legal entity that continues to own the trade and assets,
tax deductions for amortisation are usually not available. Intangibles which do not qualify for tax deductions therefore give rise to a
deferred tax liability. However, deferred tax liabilities are not recognised on temporary differences that arise from goodwill where
that is not deductible for tax purposes.
.H\VRXUFHRIHVWLPDWLRQXQFHUWDLQW\
The Group is subject to tax in numerous jurisdictions, giving rise to complex tax issues. As a multinational enterprise, our tax returns
in the countries in which we operate are subject to tax authority audits as a matter of routine. While the Group is confident that tax
returns are appropriately prepared and filed, amounts are provided in respect of uncertain tax positions that reflect the risk with
respect to tax matters under active discussion with tax authorities, or which are otherwise considered to involve uncertainty.
The valuation of provisions required in relation to uncertain tax positions involves estimation. Provisions against uncertain tax
positions are measured using one of the following methods, depending on which of the methods management expects will better
predict the amount it will pay over to the tax authority:
Ŷ The Single Best Estimate – where there is a single outcome that is more likely than not to occur. This will happen, for example,
where the tax outcome is binary (such as whether an entity can deduct an item of expenditure) or the range of possible
outcomes is narrow or concentrated on a single value. The most likely outcome may be that no tax is expected to be payable,
in which case the provision is nil; or
Ŷ A Probability-Weighted Expected Value – where, on the balance of probabilities, something will be paid to the tax authority but
the possible outcomes are widely dispersed with low individual probabilities (i.e. there is no single outcome more likely than not
to occur). In this case, the provision is the sum of the probability-weighted amounts in the range.
RELX
RELX Annual Report 2022 | Notes to the consolidated financial statements 179

Overview
9 Taxation (continued)
In assessing provisions against uncertain tax positions, management uses in-house tax experts, professional firms and previous
experience to inform the evaluation of risk. However, it remains possible that uncertainties will ultimately be resolved at amounts
greater or smaller than the liabilities recorded.
In particular, although we report cross-border transactions undertaken between Group subsidiaries on an arm’s-length basis in tax

Market segments
returns in accordance with OECD guidelines, transfer pricing relies on the exercise of judgement and it is frequently possible for
there to be a range of legitimate and reasonable views. This means that it is impossible to be certain that the returns basis will be
sustained on examination. Discussions with tax authorities relating to cross-border transactions and other matters are ongoing in a
number of our major trading jurisdictions. Although the timing and amount of final resolution of these uncertain tax positions cannot
be reliably predicted, no significant impact on the results of the Group is expected in the next year or foreseeable future.
Estimation of income taxes also includes assessments of the recoverability of deferred tax assets, consistent with the Group’s
forecasts and annual strategy plan used in the preparation of the annual report and accounts. Deferred tax assets are only
recognised to the extent that they are considered recoverable based on existing tax laws and forecasts of future taxable profits
against which the underlying tax deductions can be utilised. The recoverability of these assets is reassessed at the end of each
reporting period, and changes in recognition of deferred tax assets will affect the tax liability in the period of that reassessment.

Corporate Responsibility
2020 2021 2022
£m £m £m
Current tax
United Kingdom (80) (46) (102)
Rest of world (184) (376) (432)
Total current tax charge (264) (422) (534)
Deferred tax (11) 96 53
Tax expense (275) (326) (481)

Cash tax paid (net) in the year was £495m (2021: £342m; 2020: £496m), which is different to the tax expense for the year set out
above.
There are a number of reasons why the cash tax payments in a particular year will be different from the tax expense in the accounts:

Financial review
Ŷ Tax payments relating to a particular year’s profits are typically due partly in the year and partly in the following year. In 2020 there
was an acceleration of instalment payments in the UK.
Ŷ Tax expense includes deferred tax, an accounting adjustment where an item is included in the income statement in one year but is
taxed in another year. The acquisition of intangible assets often results in deferred tax liabilities, the unwind of which does not result
in tax payments.
Ŷ Current tax expense is the best estimate at the end of the period of cash tax expected to be paid. To the extent the final tax liability
is different, any cash tax impact will occur in a later period.
Ŷ Some of the benefits of tax deductions related to share based payments, pensions and hedging are credited to equity or other
comprehensive income rather than to tax expense.
Set out below is a reconciliation of the difference between tax expense for the period and the theoretical expense calculated by
multiplying accounting profit by the applicable tax rate.

Governance
We believe the most meaningful applicable rate is that obtained by multiplying the accounting profits and losses of all consolidated
entities by the applicable domestic rate in each of those entities’ jurisdictions.
The net tax expense charged on profit before tax differs from the theoretical amount that would arise using the weighted average of tax
rates applicable to accounting profits and losses of the consolidated entities, as follows:
2020 2021 2022
£m % £m % £m %
Profit before tax 1,483 1,797 2,113
Tax at average applicable rates (331) 22.3 % (418) 23.3 % (498) 23.6 %
Tax effect of share of results of joint ventures 3 (0.2)% 6 (0.3)% 3 (0.1)%
Income not taxable and expenses not deductible 18 (1.2)% 24 (1.4)% 21 (1.0)%
Non-deductible costs of share based remuneration (2) 0.1 % (2) 0.1 % (1) 0.0 %
other information
Financial statements and

Non-deductible disposal-related gains and losses (2) 0.1 % 1 (0.1)% (2) 0.1 %
Deferred tax assets of the period not recognised (19) 1.3 % (8) 0.4 % (17) 0.8 %
Change in recognition and measurement of
deferred tax 14 (0.9)% 25 (1.4)% 5 (0.2)%
Movements in provisions and prior year items 44 (3.0)% 46 (2.5)% 8 (0.4)%
Tax expense (275) 18.5 % (326) 18.1 % (481) 22.8 %

180 RELX
RELX Annual Report 2022 | Financial statements and other information

9 Taxation (continued)
The weighted average applicable tax rate for the year was 23.6% (2021: 23.3%; 2020: 22.3%), reflecting the applicable rates in the
countries where the Group operates. The Group’s future tax charge will be sensitive to the geographic mix of profits and losses and the
tax rates and laws in force in the jurisdictions in which we operate.
In the US, the Inflation Reduction Act enacted in August 2022 introduced a corporate alternative minimum tax. Based on initial
guidance, this is not expected to have any material impact on the Group. We will continue to monitor developments.
In the UK, an increase in the corporation tax rate from 19% to 25% from April 2023 was enacted in 2021. In the Netherlands, an
increase in the corporation tax rate from 25% to 25.8% from 2022 and changes to loss recognition rules were also enacted in 2021. In
total, the deferred tax effect of changes in tax rates for the year was a tax credit of £3m (2021: £8m; 2020: £14m) in the income statement.
The effective tax rate of 22.8% (2021: 18.1%; 2020: 18.5%) was lower than the weighted average applicable rate of 23.6%. Income not
taxable and expenses not deductible include a credit of £13m (2021: £15m; 2020: £16m) relating to research and development and nil
(2021: £7m; 2020: £19m) relating to the revaluation of a put and call option arrangement. In 2021, the change in recognition and
measurement of deferred tax includes the deferred tax effect of tax rate increases in the UK and the Netherlands of £8m and changes
to loss recognition rules in the Netherlands of £15m. In 2020 and 2021, there were tax credits arising from the substantial resolution of
prior year tax matters.
The following tax has been recognised in other comprehensive income or directly in equity during the year:
2020 2021 2022
£m £m £m
Tax on items that will not be reclassified to profit or loss
Tax on actuarial movements on defined benefit pension schemes 39 (48) (43)

Tax on items that may be reclassified to profit or loss

Tax on fair value movements on cash flow hedges (4) (1) 8

Net tax (charge)/credit recognised in other comprehensive income 35 (49) (35)

Tax credit on share based remuneration recognised directly in equity 5 12 –

The £43m tax charge (2021: £48m) on actuarial movements on defined benefit pension schemes includes a £2m tax charge (2021:
£13m tax credit) reflecting the revaluation of pension related deferred tax balances to the UK corporation tax rate of 25% (previously
19%) enacted in 2021.
2021 2022
£m £m
Current tax assets 10 15
Current tax liabilities (192) (249)
Total (182) (234)

Current tax assets and liabilities are net amounts in countries where there is a legally enforceable right to offset assets and liabilities on a
net basis.
The Group maintained provisions for uncertain tax positions. The total carrying amount of these provisions of £239m (2021: £228m) is
comprised of a number of individually immaterial amounts. It is not expected that any resolution of the matters to which the provisions
relate, or changes in assumptions relating to the provisions, will have a material impact on the Group’s financial results in the next year.
2021 2022
£m £m
Deferred tax assets 210 146
Deferred tax liabilities (591) (590)
Total (381) (444)

RELX
RELX Annual Report 2022 | Notes to the consolidated financial statements 181

Overview
9 Taxation (continued)
Movements in deferred tax liabilities and assets (before taking into consideration the offsetting of balances within the same jurisdiction)
are summarised as follows:
Deferred tax liabilities Deferred tax assets
Acquired Other Acquired Tax losses Other
intangible temporary intangible carried Pension temporary

Market segments
assets differences assets forward balances differences Total
£m £m £m £m £m £m £m
Deferred tax (liability)/asset at
1 January 2021 (710) (283) 174 99 125 200 (395)
Credit/(charge) to profit 53 86 (9) 4 (8) (30) 96
(Charge)/credit to equity/other
comprehensive income – – – – (48) 7 (41)
Acquisitions (33) – – 6 – – (27)
Exchange translation differences (4) 1 (8) (2) (1) – (14)
Deferred tax (liability)/asset at
1 January 2022 (694) (196) 157 107 68 177 (381)
Credit/(charge) to profit 62 20 (30) (17) (10) 28 53
(Charge)/credit to equity/other
comprehensive income – (32) – – (10) 3 (39)

Corporate Responsibility
Acquisitions (32) – – 19 – – (13)
Exchange translation differences (71) (23) 5 9 1 15 (64)
Deferred tax (liability)/asset at
31 December 2022 (735) (231) 132 118 49 223 (444)

The closing deferred tax liability balance of other temporary differences includes those relating to capitalised development costs of
£165m (2021: £161m) and pension surplus of £32m (2021: nil). The closing deferred tax asset balance of other temporary differences
includes those relating to accruals and provisions of £118m (2021: £92m), share based remuneration provisions of £41m (2021: £41m)
and intercompany interest of £14m (2021: £13m).
As a result of exemptions on dividends from subsidiaries and capital gains on disposal there are no significant taxable temporary
differences associated with investments in subsidiaries, branches, associates and interests in joint arrangements.
While a number of entities in Exhibitions suffered losses due to the impact of Covid-19 over the last few years, in no individual country

Financial review
were they material. Following the return to profitability in the Exhibitions business, it is expected that the remaining trading losses will be
substantially utilised in the next year. Other deferred tax assets have been recognised including for losses in the US and Netherlands,
the majority of which are expected to have been utilised by 2031.
Deferred tax assets in respect of tax losses and other deductible temporary differences have only been recognised to the extent that it is
more likely than not that sufficient taxable profits will be available to allow the asset to be recovered.
Tax losses and temporary differences for which no deferred tax asset was recognised:
2021 2022
£m £m £m £m
Gross amount Tax effected Gross amount Tax effected
Trading losses and temporary differences expiring

Governance
Within 10 years 100 29 123 35
More than 10 years – – 1 –
Available indefinitely 187 50 208 58
Total 287 79 332 93
State and local tax losses expiring
Within 10 years 27 2 19 1
More than 10 years 46 4 89 6
Available indefinitely – – – –
Total 73 6 108 7
Capital losses expiring
Within 10 years – – – –
More than 10 years – – – –
other information
Financial statements and

Available indefinitely 22 5 22 5
Total 22 5 22 5
182 RELX
RELX Annual Report 2022 | Financial statements and other information

10 Earnings per share

Accounting policy
Earnings per share (EPS) is calculated by taking the reported net profit attributable to shareholders and dividing this by the total
weighted average number of shares.
The diluted figures are calculated after taking account of potential additional ordinary shares arising from share options and
conditional shares.
Adjusted earnings per share is calculated by dividing adjusted net profit attributable to RELX PLC shareholders by the total weighted
average number of shares.

EARNINGS PER SHARE – FOR

THE YEAR 2020 2021 2022
ENDED 31 DECEMBER Weighted Weighted Weighted
Net profit average Net profit average Net profit average
attributable to number attributable to number attributable to number
shareholders of shares EPS shareholders of shares EPS shareholders of shares EPS
£m (millions) (pence) £m (millions) (pence) £m (millions) (pence)
Basic earnings per share 1,224 1,926.2 63.5 p 1,471 1,928.0 76.3 p 1,634 1,918.5 85.2p
Diluted earnings per share 1,224 1,937.8 63.2 p 1,471 1,939.4 75.8 p 1,634 1,929.3 84.7p

ADJUSTED EARNINGS
PER SHARE 2020 2021 2022
Adjusted net Weighted Adjusted net Weighted Adjusted net Weighted
profit average profit average profit average
attributable to number Adjusted attributable to number Adjusted attributable to number Adjusted
shareholders of shares EPS shareholders of shares EPS shareholders of shares EPS
£m (millions) (pence) £m (millions) (pence) £m (millions) (pence)
Adjusted earnings per
share 1,543 1,926.2 80.1p 1,689 1,928.0 87.6p 1,961 1,918.5 102.2p
RECONCILIATION OF ADJUSTED NET PROFIT ATTRIBUTABLE TO RELX PLC SHAREHOLDERS

2020 Pre-tax Tax on

adjustment adjustment Total
£m £m £m
Net profit attributable to shareholders 1,224
Adjustments:
Amortisation of acquired intangible assets 360 35 395
Other deferred tax credits from intangible assets* – (78) (78)
Acquisition-related items (12) (6) (18)
Net interest on net defined benefit pension obligation and other 11 (2) 9
Disposals and other non-operating items (130) 3 (127)
Exceptional costs in Exhibitions 183 (45) 138
Adjusted net profit attributable to shareholders 1,543

2021 Pre-tax Tax on

adjustment adjustment Total
£m £m £m
Net profit attributable to shareholders 1,471
Adjustments:
Amortisation of acquired intangible assets 294 22 316
Other deferred tax credits from intangible assets* – (61) (61)
Acquisition-related items 21 (11) 10
Net interest on net defined benefit pension obligation and other 9 (2) 7
Disposals and other non-operating items (55) 1 (54)
Adjusted net profit attributable to shareholders 1,689

2022 Pre-tax Tax on

adjustment adjustment Total
£m £m £m
Net profit attributable to shareholders 1,634
Adjustments:
Amortisation of acquired intangible assets 296 30 326
Other deferred tax credits from intangible assets* – (64) (64)
Acquisition-related items 62 (13) 49
Net interest on net defined benefit pension obligation and other 5 (1) 4
Disposals and other non-operating items 9 3 12
Adjusted net profit attributable to shareholders 1,961
* Movements on deferred tax liabilities arising on acquired intangible assets that do not qualify for tax amortisation.
RELX
RELX Annual Report 2022 | Notes to the consolidated financial statements 183

Overview
11 Statement of cash flows
Accounting policy
Cash and cash equivalents comprise cash balances, call deposits and other short-term highly liquid investments and are held in the
statement of financial position at fair value.

Market segments
RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS 2020 2021 2022
£m £m £m
Operating profit 1,525 1,884 2,323
Share of results of joint ventures (15) (29) (19)
Amortisation of acquired intangible assets 376 297 294
Amortisation of internally developed intangible assets 319 295 309
Amortisation of pre-publication costs 62 60 72
Depreciation of property, plant and equipment 60 52 47
Depreciation of right-of-use assets 88 80 63
Share based remuneration 25 45 46
Total non-cash items 930 829 831
Increase in inventories and pre-publication costs (80) (73) (103)

Corporate Responsibility
(Increase)/decrease in receivables 149 (103) (251)
(Decrease)/increase in payables (245) (32) 280
Increase in working capital (176) (208) (74)
Cash generated from operations 2,264 2,476 3,061

CASH FLOW ON ACQUISITIONS 2020 2021 2022

Note £m £m £m
Purchase of businesses 12 (864) (235) (373)
Deferred payments relating to prior year acquisitions (5) (19) (21)
Total (869) (254) (394)

Financial review
RECONCILIATION OF NET DEBT Related
Cash and derivative Finance
cash financial lease
2020 2021 equivalents Debt instruments receivable 2022
£m £m £m £m £m £m £m
At start of year (6,191) (6,898) 113 (6,167) 35 2 (6,017)

(Decrease)/increase in cash and cash

equivalents (51) 26 208 – – – 208
Decrease in short-term bank loans,
overdrafts and commercial paper 436 200 – 101 – – 101
Issuance of term debt (2,342) – – (397) – – (397)

Governance
Repayment of term debt 1,233 431 – 35 – – 35
Repayment of leases 90 76 – 79 – (1) 78
Change in net debt resulting from
cash flows (634) 733 208 (182) – (1) 25
Borrowings in acquired businesses (3) – – (3) – – (3)
Remeasurement and derecognition of leases (8) (4) – (5) – – (5)
Inception of leases (24) (24) – (34) – 5 (29)
Fair value and other adjustments to debt and
related derivatives (4) 2 – 230 (245) – (15)
Exchange translation differences (34) 174 13 (569) (3) (1) (560)
At end of year (6,898) (6,017) 334 (6,730) (213) 5 (6,604)
other information
Financial statements and

Net debt comprises cash and cash equivalents, loan capital, lease liabilities and receivables, promissory notes, bank and other loans
and derivative financial instruments that are used to hedge certain borrowings. The Group monitors net debt as part of capital and
liquidity management.
184 RELX
RELX Annual Report 2022 | Financial statements and other information

12 Acquisitions
Accounting policy
Goodwill, being the excess of the consideration over the net tangible and intangible assets acquired, represents benefits which do
not qualify for recognition as intangible assets, including: the ability of a business to generate higher returns than individual assets;
skilled workforces; and acquisition synergies that are specific to the Group. In addition, goodwill arises on the recognition of
deferred tax liabilities in respect of intangible assets for which amortisation does not qualify for tax deductions.

During the year, a number of acquisitions were made. The net assets of the businesses acquired are incorporated at their fair value to
the Group. The fair values of the consideration given and of the assets and liabilities acquired are summarised below.
Fair value Fair value Fair value
2020 2021 2022
£m £m £m
Goodwill 570 131 269
Intangible assets 427 156 125
Property, plant and equipment 3 1 1
Other non-current assets 1 – 3
Current assets 20 4 8
Current liabilities (24) (16) (21)
Borrowings (3) – (3)
Deferred tax (90) (27) (13)
Net assets acquired 904 249 369
Consideration (after taking account of £6m net cash acquired (2020: £29m;
2021: £8m)) 904 249 369
Change in consideration deferred to future years and changes in contingent consideration
relating to prior year acquisitions (40) (14) 4
Net cash flow 864 235 373

During 2022, RELX completed several acquisitions for total consideration of £443m (2021: £255m), or £437m (2021: £249m) adjusted
for cash acquired. This includes the acquisition of investments in joint ventures and associates of £61m. Refer to note 15 for further details.
The businesses acquired in 2022 contributed £19m to revenue, decreased adjusted operating profit by £5m, decreased net profit by
£24m (after charging £19m of integration costs and amortisation of acquired intangibles) and decreased net cash inflow from operating
activities for the part year under the Group’s ownership and before taking account of acquisition financing costs by £4m. Had the
businesses been acquired at the beginning of the year, on a pro forma basis the Group revenues, adjusted operating profit and net
profit attributable to RELX PLC shareholders for the year would have been £8,567m, £2,679m and £1,626m respectively, before taking
account of acquisition financing costs.

13 Equity dividends
ORDINARY DIVIDENDS PAID IN THE YEAR 2020 2021 2022
£m £m £m
RELX PLC 880 920 983

Ordinary dividends declared and paid in the year ended 31 December 2022, in amounts per ordinary share, comprise: a 2021 final
dividend of 35.5p (2021: 33.4p; 2020: 32.1p) and a 2022 interim dividend of 15.7p (2021: 14.3p; 2020: 13.6p), giving a total of 51.2p
(2021: 47.7p; 2020: 45.7p;).
The Directors of RELX PLC have proposed a final dividend of 38.9p (2021: 35.5p; 2020: 33.4p), giving a total for the financial year of
54.6p (2021: 49.8p; 2020: 47.0p). The total cost of funding the proposed final dividend is expected to be £743m, for which no liability
has been recognised at the statement of financial position date.
The Employee Benefit Trust has currently waived the right to receive dividends on RELX PLC shares. This waiver has been applied to
dividends paid in 2020, 2021 and 2022.

RELX
RELX Annual Report 2022 | Notes to the consolidated financial statements 185

Overview
14 Intangible assets
Accounting policy
On acquisition of a subsidiary or business, the purchase consideration is allocated between the net tangible and intangible assets
other than goodwill on a fair value basis, with any excess purchase consideration representing goodwill. Goodwill is carried at fair
value as at the date of acquisition less impairment charges. Acquired intangible assets are carried at their fair value as at the date of
acquisition less accumulated amortisation (including impairment). On disposal of a subsidiary or business, the attributable amount of

Market segments
goodwill is included in the determination of profit or loss recognised in the income statement.
Management judgement is required to identify intangible assets acquired as part of business combinations which comprise:
market-related assets (e.g. trademarks, imprints, brands); customer-related assets (e.g. subscription bases, customer lists,
customer relationships); editorial content; software and systems (e.g. application infrastructure, product delivery platforms,
in-process research and development); and other intangible assets mainly comprising contract and rights-related assets.
The valuation of acquired intangible assets represents the estimated economic value in use, using standard valuation
methodologies, including as appropriate, discounted cash flow and comparable market transactions. Judgements involved in
estimating valuation of the intangible assets include growth in cash flows over the forecast period, the long-term growth rate
assumed thereafter and the discount rate applied to the forecast cash flows.
The selection of appropriate amortisation periods for acquired intangible assets requires management to assess the longevity of
brands and imprints, the strength and stability of customer relationships, the market positions of the acquired intangible assets and

Corporate Responsibility
the technological and competitive risks that they face. Certain intangible assets are in relation to acquired science and medical
publishing businesses that have been determined to have indefinite lives. The longevity of these assets is evidenced by their long-
established and well regarded journal titles, and their characteristically stable market positions. Intangible assets, other than journal
titles determined to have indefinite lives, are amortised on a straight-line basis over their estimated useful lives. The estimated useful
lives of intangible assets with finite lives are:
Ŷ Market-related assets – 1 to 40 years
Ŷ Customer-related assets – 1 to 20 years
Ŷ Editorial content – 1 to 40 years
Ŷ Software and systems – 1 to 10 years
Ŷ Other – 3 to 20 years
Journal titles determined to have indefinite lives are not amortised and are subject to impairment review at least annually, including a

Financial review
review of events and circumstances to ensure that they continue to support an indefinite useful life.
Internally developed intangible assets typically comprise software and systems development where an identifiable asset is created
that is probable to generate future economic benefits and are carried at cost less accumulated amortisation. Internally developed
intangible assets are amortised on a straight line basis over their estimated useful lives of three to 15 years. Impairment reviews are
carried out at least annually or where indicators of impairment are identified.
,PSDLUPHQWUHYLHZV
Goodwill and acquired intangible assets with an indefinite life are allocated to cash generating units (CGUs) and tested for
impairment at least annually or when there is an indicator that the asset may be impaired. An impairment loss is recognised in the
income statement in administration and other expenses to the extent the carrying value of goodwill exceeds its recoverable amount
and not subsequently reversed. The recoverable amount is the higher of fair value less costs to sell and value in use. The carrying
amounts of all other intangible assets are reviewed where there are indications of possible impairment.

Governance
An impairment review involves a comparison of the carrying value of the asset with estimated values in use based on the latest
management cash flow projections, approved by the Board. Key areas of judgement in estimating the values in use of businesses
are the growth in cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the
discount rate applied to the forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows
and discount rates. Where the asset does not generate cash flows that are independent from other assets, value in use estimates
are made based on the cash flows of the CGU to which the asset belongs.
&ULWLFDOMXGJHPHQWVDQGNH\VRXUFHVRIHVWLPDWLRQXQFHUWDLQW\
Acquired intangible assets
In 2022, the identification of intangible assets was not considered to be a critical judgement and estimates used in determination of
future cash flows and discount rate used in the valuation of intangible assets were not considered to be a key source of estimation
uncertainty which could give rise to a risk of material adjustment in the next 12 months given the size and quantum of acquisitions
completed during the year.
other information
Financial statements and

Development spend
Development spend encompasses investment in new products and other initiatives, ranging from the building of online delivery
platforms, to launch costs of new services, to building new infrastructure and applications. Launch costs and other ongoing
operating expenses of new products and services are expensed as incurred. The costs of building product applications, platforms
and infrastructure are capitalised as internally generated intangible assets, where the investment they represent has demonstrable
value and the technical and commercial feasibility is assured. Costs eligible for capitalisation must be incremental, clearly identified
and directly attributable to a particular project. The resulting assets are amortised over their estimated useful lives. Judgement is
required in the assessment of the potential value of a development project, the identification of costs eligible for capitalisation and
the selection of appropriate asset lives. Where indicators of impairment are identified, estimates relating to the future cash flows and
discount rates used in calculating the value in use of the intangible asset may have a material effect on the reported amounts of

intangible assets.
186 RELX
RELX Annual Report 2022 | Financial statements and other information

14 Intangible assets (continued)

Total Total
Total internally intangible
Software acquired developed assets
Market Customer Editorial and intangible intangible excluding
related related content technology Other assets assets goodwill
Goodwill £m £m £m £m £m £m £m £m
COST
As at 1 January 2021 7,224 2,391 1,750 614 688 2,381 7,824 3,251 11,075
Acquisitions 131 11 78 11 51 5 156 – 156
Additions – – – – – – – 310 310
Disposals and other (3) (2) 2 (7) – (23) (30) (19) (49)
Exchange translation differences 14 15 10 2 1 (13) 15 (31) (16)
At 1 January 2022 7,366 2,415 1,840 620 740 2,350 7,965 3,511 11,476
Acquisitions 269 18 43 27 37 – 125 – 125
Additions – – – – – – – 402 402
Disposals and other – (2) (4) – – (9) (15) (84) (99)
Exchange translation differences 753 268 197 43 68 177 753 291 1,044
At 31 December 2022 8,388 2,699 2,076 690 845 2,518 8,828 4,120 12,948

ACCUMULATED AMORTISATION
As at 1 January 2021 – 1,323 1,054 514 414 2,338 5,643 2,007 7,650
Charge for the year* – 109 79 39 54 16 297 295 592
Disposals and other – (2) (6) 1 – (23) (30) (19) (49)
Exchange translation differences – 8 5 2 (1) (12) 2 (23) (21)
At 1 January 2022 – 1,438 1,132 556 467 2,319 5,912 2,260 8,172
Charge for the year* – 121 78 29 53 13 294 309 603
Disposals and other – (2) (4) (5) 5 (9) (15) (78) (93)
Exchange translation differences – 161 126 37 47 177 548 194 742
At 31 December 2022 – 1,718 1,332 617 572 2,500 6,739 2,685 9,424

NET BOOK AMOUNT

At 31 December 2021 7,366 977 708 64 273 31 2,053 1,251 3,304
At 31 December 2022 8,388 981 744 73 273 18 2,089 1,435 3,524
* Includes impairments of acquired intangible assets of £1m (2021: £13m; 2020: £42m in Legal and £23m in Exhibitions) and an impairment of internally developed
intangible assets of £13m in Exhibitions (2021:nil; 2020: £29m). Refer to note 2 for further detail on the exceptional costs in Exhibitions in 2020.

The carrying amount of goodwill is shown after cumulative amortisation of £1,253m (2021: £1,144m), which was charged prior to the
adoption of IFRS, and £9m (2021: £8m) of subsequent impairment charges recorded in prior years.
The Legal business has £735m (2021: £663m) of capitalised development costs associated with platforms and infrastructure.
Included in market-related intangible assets are £125m (2021: £112m) of journal titles relating to Scientific, Technical & Medical
determined to have indefinite lives based on an assessment of their historical longevity and stable market positions.
Impairment review
There were no charges for impairment of goodwill or indefinite lived intangible assets in 2022 (2021: nil).
Goodwill and indefinite lived intangible assets are compiled and assessed among groups of CGUs, which represent the lowest level at
which goodwill is monitored by management. Typically, acquisitions are integrated into existing business areas, and the goodwill arising
is allocated to the groups of CGUs that are expected to benefit from the synergies of the acquisition. As the business areas have
become increasingly integrated and globalised, the current CGU allocation reflects the global leverage of assets, skills, knowledge and
technology platforms, and the monitoring of goodwill by management.
GOODWILL 2021 2022
£m £m
Risk 3,675 4,167
Scientific, Technical & Medical 1,683 2,015
Legal 1,406 1,572
Exhibitions 602 634
Total 7,366 8,388

RELX
RELX Annual Report 2022 | Notes to the consolidated financial statements 187

Overview
14 Intangible assets (continued)
The key assumptions used for each group of CGUs are disclosed below:
KEY ASSUMPTIONS 2021 2022
Nominal Nominal
Pre-tax long-term Pre-tax long-term
discount market discount market

Market segments
rate growth rate rate growth rate
Risk 9.8 % 3% 11.2% 4%
Scientific, Technical & Medical 9.1 % 3% 10.5% 3%
Legal 9.9 % 2% 10.9% 3%
Exhibitions 11.7% 3% 13.0% 4%

The pre–tax discount rates used are based on the Group’s weighted average cost of capital, adjusted to reflect a risk premium specific
to each business. A post-tax discount rate was applied to post-tax cash flows. The equivalent pre-tax discount rate has been estimated
by grossing up the post-tax rate. The Group’s weighted average cost of capital is derived from a risk free rate, a market risk premium,
a risk adjustment (beta) and a cost of debt adjustment. The discount rates and the cash flow projections are in nominal terms and
therefore, take into account the impact of inflation. The Group’s weighted average cost of capital was calculated as at 30 September 2022
when the impairment review was performed, and there were no indicators of impairment in the intervening period to 31 December 2022.

Corporate Responsibility
The key assumptions within the forecast growth in the cash flows over a forecast period of up to five years are revenue growth,
operating margin and cash conversion. Revenue growth and operating profit margin forecasts for each CGU are derived from past
results adjusted by management based on salient current and future considerations. Cash conversion rates for each CGU are based on
historical cash conversion rates. Nominal long-term market growth rates, which are applied after the forecast period of up to five years,
do not exceed the long-term average growth prospects for the sectors and territories in which the businesses operate.
A sensitivity analysis has been performed based on changes in key assumptions considered to be reasonably possible by management:
increases in the discount rate of 1.5%; a decrease in the compound annual growth rate for cash flow in the five-year forecast period of
2.0; a decrease in the nominal long-term market growth rates of 1%; and a combined increase in discount rate of 1% and a decrease
in the nominal long-term market growth rates of 1%. These sensitivity analyses show that no impairment charges would result from
these scenarios.

15 Investments

Financial review
Accounting policy
Investments, other than investments in joint arrangements and associates, are stated in the statement of financial position at fair
value. Changes in the fair value of investments held as part of the venture capital portfolio are reported in disposals and other
non-operating items in the income statement. All items recognised in the income statement relating to investments, other than
investments in joint arrangements and associates, are reported as disposals and other non-operating items.
Venture capital investments and equity investments represent interests in listed and unlisted securities. The fair value of listed
securities is based on quoted prices in active markets. The fair value of unlisted securities is based on management’s estimate of
fair value based on standard valuation techniques, including market comparisons and discounts of future cash flows, having regard
to maximising the use of observable inputs and adjusting for risk. Advice from valuation experts is used as appropriate.

Governance
All joint arrangements are classified as joint ventures because the Group shares joint control and has rights to the net assets of the
arrangements. Investments in joint ventures and associates are accounted for under the equity method and stated in the statement
of financial position at cost as adjusted for post-acquisition changes in the Group’s share of net assets, less any impairment in value.

2021 2022
£m £m
Investments in joint ventures and associates 105 159
Venture capital investments 107 127
Total 212 286

The value of venture capital investments and equity investments has been determined by reference to quoted prices in active markets,
other observable market inputs or, when these are not available, by reference to inputs we believe would reflect the assumptions market
participants would use.
other information
Financial statements and
188 RELX
RELX Annual Report 2022 | Financial statements and other information

15 Investments (continued)
An analysis of changes in the carrying value of investments in joint ventures and associates is set out below:
2021 2022
£m £m
At start of year 103 105
Share of results of joint ventures 29 19
Dividends received from joint ventures (20) (33)
Acquisitions – 62
Disposals and other (4) 1
Exchange translation differences (3) 5
At end of year 105 159

Summarised aggregate information in respect of the Group’s share of joint ventures and associates is set out below:
RELX’s share
2021 2022
£m £m
Revenue 78 55
Net profit for the year 29 19

Total assets 136 190

Total liabilities (70) (75)
Net assets 66 115
Goodwill 39 44
Total 105 159

The Group’s consolidated other comprehensive income includes no income or losses relating to joint ventures and associates in 2022
and 2021.

16 Property, plant and equipment

Accounting policy
Property, plant and equipment are stated in the statement of financial position at cost less accumulated depreciation. No depreciation is
provided on freehold land. Freehold buildings and long leaseholds are depreciated over their estimated useful lives up to a maximum
of 50 years. Short leases are written off over the duration of the lease. Depreciation is provided on other assets on a straight-line
basis over their estimated useful lives as follows:
Ŷ land and buildings: land – not depreciated; leasehold improvements – shorter of life of lease and 10 years
Ŷ fixtures and equipment: plant – 3 to 20 years; office furniture, fixtures and fittings – 5 to 10 years; computer systems,
communication networks and equipment – 3 to 7 years

2021 2022
Land and Fixtures and Land and Fixtures and
buildings equipment Total buildings equipment Total
£m £m £m £m £m £m
Cost
At start of year 206 527 733 167 516 683
Acquisitions – 1 1 1 – 1
Capital expenditure 5 23 28 3 33 36
Disposals (43) (32) (75) (19) (140) (159)
Exchange translation differences (1) (3) (4) 14 43 57
At end of year 167 516 683 166 452 618

Accumulated depreciation
At start of year 143 428 571 111 441 552
Charge for the year 6 46 52 6 41 47
Disposals (37) (31) (68) (12) (142) (154)
Exchange translation differences (1) (2) (3) 10 37 47
At end of year 111 441 552 115 377 492

Net book amount 56 75 131 51 75 126

Included in land and buildings is freehold land of £10m (2021: £10m).

Amounts relating to right-of-use assets under IFRS 16 can be found in note 22.
RELX
RELX Annual Report 2022 | Notes to the consolidated financial statements 189

Overview
17 Financial instruments
Accounting policy
Financial instruments comprise investments (other than investments in joint ventures or associates), trade receivables, cash and
cash equivalents, payables and accruals, borrowings and derivative financial instruments.
Investments (other than investments in joint ventures and associates) are described in note 15. The fair value of such investments

Market segments
is based on standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to
maximising the use of observable inputs and adjusting for risk. (These investments are typically classified as either Level 2 or 3 in
the IFRS 13 fair value hierarchy.)
Trade receivables are carried in the statement of financial position at invoiced value less allowance for expected credit losses.
Expected credit losses are based on the ageing of trade receivables, experience and circumstance. Borrowings and payables are
recorded initially at fair value and subsequently carried at amortised cost (other than fixed rate borrowings in designated hedging
relationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted for the gain or loss
attributable to the hedged risk).
Derivative financial instruments are used to hedge interest rate and foreign exchange risks. Where an effective hedge is in place
against changes in the fair value of fixed rate borrowings, the hedged borrowings are adjusted for changes in fair value attributable
to the risk being hedged with a corresponding income or expense included in the income statement within finance costs. The

Corporate Responsibility
offsetting gains or losses from remeasuring the fair value of the related derivatives are also recognised in the income statement
within finance costs. When the related derivative expires, is sold or terminated, or no longer qualifies for hedge accounting, the
cumulative change in fair value of the hedged borrowing is amortised in the income statement over the period to maturity of the
borrowing using the effective interest method.
Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are
recognised (net of tax) in other comprehensive income and accumulated in the hedge reserve. The fair value amounts relating to
foreign currency basis spreads are recorded in a separate component of equity in the cost of hedging reserve. If a hedged firm
commitment or forecasted transaction results in the recognition of a non-financial asset or liability, then, at the time that the asset or
liability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive
income are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or
a liability, amounts deferred in the hedge reserve are recognised in the income statement in the same period in which the hedged

Financial review
item affects net profit or loss. Any ineffective portion of hedges is recognised immediately in the income statement.
Cash flow hedge accounting is discontinued when a hedging instrument expires or is sold, terminated or exercised, or no longer
qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in other
comprehensive income is either retained in the hedge reserve until the firm commitment or forecasted transaction occurs, or,
where a hedged transaction is no longer expected to occur, is immediately credited or expensed in the income statement.
Derivative financial instruments that are not designated as hedging instruments are recorded in the statement of financial position
at fair value, with changes in fair value recognised in the income statement.
The fair values of derivative financial instruments represent the replacement costs calculated using observable market rates of
interest and exchange. The fair value of long-term borrowings is calculated by discounting expected future cash flows at observable
market rates. (These instruments are accordingly classified as Level 2 in the IFRS 13 fair value hierarchy.)

Governance
The main financial risks faced by the Group are liquidity risk, market risk – comprising interest rate risk and foreign exchange risk – and
credit risk. Financial instruments are used to finance the Group’s businesses and to manage interest rate and foreign exchange risks.
The Group’s businesses do not enter into speculative derivative transactions. Details of financial instruments subject to liquidity, market
and credit risks are described below.
Liquidity risk
The Group maintains a range of borrowing facilities and debt programmes to fund its requirements at competitive rates.
The balance of long-term debt, short-term debt and committed bank facilities is managed to provide security of funding, taking into
account the cash generation cycle of the business and the uncertain size and timing of acquisition spend. To accommodate the
significant free cash flow generated by the Group and to capitalise on an inexpensive source of funding, a meaningful portion of the
overall debt portfolio is typically kept short term as long as there exists acceptable liquidity in the commercial paper markets and
other information
Financial statements and

sufficient capacity under committed credit lines. The Group’s treasury policies ensure adequate liquidity by requiring that (a) no more
than $2bn of term debt matures in any 12-month period, (b) the sum of term debt maturing over the ensuing 12 months plus short-term
borrowings is less than the sum of available cash plus committed facilities and (c) minimum levels of borrowing with maturities over
three and five years are maintained.
The treasury policies ensure debt efficiency by (a) targeting certain levels of short-term borrowings across a given year, (b) maintaining
a weighted average maturity of the gross debt portfolio of approximately five years and (c) minimising surplus cash balances. From time
to time, based on cash flow and market conditions, the Group may redeem term debt early or repurchase outstanding debt in the
open market.

190 RELX
RELX Annual Report 2022 | Financial statements and other information

17 Financial instruments (continued)

Debt is issued to meet the funding requirements of various jurisdictions and in the currencies that are needed. It is recognised that
debt can act as a natural translation hedge of earnings, net assets and net cash flow in currencies other than the reporting currency.
For this reason, the majority of the Group’s net debt is denominated in US dollars and euros, reflecting the Group’s largest geographical
markets. There were no changes to the Group’s long-term approach to capital and liquidity management during the year.
The remaining contractual maturities for borrowings and derivative financial instruments are shown in the table below. The table shows
undiscounted principal and interest cash flows and includes contractual gross cash flows to be exchanged as part of cross-currency
interest rate swaps and forward foreign exchange contracts where there is a legal right of set-off.
AT 31 DECEMBER 2021 Contractual cash flow (including interest)
Carrying Within More than
amount 1 year 1-2 years 2-3 years 3-4 years 4-5 years 5 years Total
£m £m £m £m £m £m £m £m
Borrowings
Fixed rate borrowings (5,828) (156) (741) (1,106) (704) (709) (3,126) (6,542)
Floating rate borrowings (131) (131) – – – – – (131)
Lease liabilities (208) (75) (63) (43) (25) (4) (31) (241)

Derivative financial liabilities

Cash inflows 371 86 103 2 – – 562
Cash outflows (374) (88) (105) (2) – – (569)
Forward foreign exchange contracts (7) (3) (2) (2) – – – (7)
Interest rate derivatives (5) – – (1) (2) (2) (7) (12)
Cross-currency interest rate swaps (2) (32) (34) (14) (501) – – (581)

Derivative financial assets

Cash inflows 1,399 312 107 26 – – 1,844
Cash outflows (1,367) (294) (102) (25) – – (1,788)
Forward foreign exchange contracts 48 32 18 5 1 – – 56
Interest rate derivatives 19 22 10 4 – – – 36
Cross-currency interest rate swaps 16 29 26 7 511 – – 573
Total (6,098) (314) (786) (1,150) (720) (715) (3,164) (6,849)

AT 31 DECEMBER 2022 Contractual cash flow (including interest)

Carrying Within More than
amount 1 year 1-2 years 2-3 years 3-4 years 4-5 years 5 years Total
£m £m £m £m £m £m £m £m
Borrowings
Fixed rate borrowings (6,446) (847) (1,188) (772) (769) (704) (3,212) (7,492)
Floating rate borrowings (102) (102) – – – – – (102)
Lease liabilities (182) (80) (58) (36) (17) (6) (34) (231)

Derivative financial liabilities

Cash inflows 835 242 122 8 – – 1,207
Cash outflows (870) (262) (127) (8) – – (1,267)
Forward foreign exchange contracts (53) (35) (20) (5) – – – (60)
Interest rate derivatives (158) (48) (29) (20) (18) (17) (43) (175)
Cross-currency interest rate swaps (58) (56) (31) (567) – – – (654)

Derivative financial assets

Cash inflows 665 199 126 24 1,014
Cash outflows (645) (192) (123) (23) (983)
Forward foreign exchange contracts 32 20 7 3 1 – – 31
Interest rate derivatives – 2 – – – – – 2
Cross-currency interest rate swaps – 29 7 538 – – – 574
Total (6,967) (1,117) (1,312) (859) (803) (727) (3,289) (8,107)

The carrying amount of derivative financial liabilities comprises £215m (2021: £5m) in relation to fair value hedges, £32m (2021: £7m)
in relation to cash flow hedges and £22m (2021: £2m) not designated as hedging instruments. The carrying amount of derivative
financial assets comprises nil (2021: £35m) in relation to fair value hedges, £24m (2021: £36m) in relation to cash flow hedges and £8m
(2021: £12m) not designated as hedging instruments.
The Group has ample liquidity and access to debt capital markets, providing the ability to repay or refinance borrowings as they mature
and to fund ongoing requirements. At 31 December 2022, the Group had access to a $3.0bn committed bank facility maturing in
April 2025, which was undrawn. This facility backs up short-term borrowings, and has pricing linked to three ESG performance targets.
All borrowings that mature within the next two years can be covered by the facility and by utilising available cash resources. The
committed bank facility is not subject to a financial covenant and there are no financial covenants in any outstanding public bonds.
RELX
RELX Annual Report 2022 | Notes to the consolidated financial statements 191

Overview
17 Financial instruments (continued)
Market risk
The Group’s primary market risks are interest rate fluctuations and exchange rate movements. Derivatives are used to manage the risks
associated with interest rate and exchange rate movements and the Group does not enter into speculative derivatives. Where the
impact of derivatives on the income statement and the statement of financial position could be significant, hedge accounting is applied
(subject to satisfying the required criteria) as described in ‘Hedge accounting’ below. Derivatives used by the Group for hedging a

Market segments
particular risk are not specialised and are generally available from numerous sources. The Group is also exposed to changes in the
market value of its venture capital investments as described in note 15. The impact of market risks on net post-employment benefit
obligations and taxation is excluded from the following market risk sensitivity analysis.
,QWHUHVWUDWHH[SRVXUHPDQDJHPHQW
The Group’s interest rate exposure management policy aims to minimise interest costs with an acceptable level of year-on-year
volatility. To achieve this, the Group uses fixed rate term debt and interest rate swaps to give a target mix of fixed rate and floating rate
borrowings. Interest rate derivatives are used only to hedge an underlying risk and no net market positions are held.
At 31 December 2022, including the effect of interest rate swaps, 58% of gross bank and bond borrowings were at fixed rates.
A 100 basis point reduction in short-term interest rates would result in an estimated decrease in annual net finance costs of £25m
(2021: £21m), based on the composition of financial instruments including cash, cash equivalents, bank loans and commercial paper
borrowings at 31 December 2022. A 100 basis point rise in short-term interest rates would result in an estimated increase in net finance

Corporate Responsibility
costs of £25m (2021: £21m).
The impact on net equity of a theoretical change in interest rates as at 31 December 2022 is restricted to the change in carrying value
of floating rate to fixed rate interest rate derivatives in a designated cash flow hedge relationship and undesignated interest rate
derivatives. A 100 basis point reduction in interest rates would result in an estimated decrease in net equity of nil (2021: nil) and a
100 basis point increase in interest rates would increase net equity by an estimated amount of nil (2021: nil). The impact of a change in
interest rates on the carrying value of fixed rate borrowings in a designated fair value hedge relationship would be offset by the change
in carrying value of the related interest rate derivative. Fixed rate borrowings not in a designated hedging relationship are carried at
amortised cost.
The Group has assessed the impact of the Interbank Offered Rates (IBOR) reform and concluded that there will be no significant impact
on the financial statements. The Group is primarily exposed to IBOR through its derivatives which swap fixed rate bond issuances to a
floating rate of interest and which are designated in fair value hedge relationships. The table on page 192 details these interest rate

Financial review
derivatives which swap £1,917m of bonds with weighted average maturity of 3.3 years to a floating rate of interest referencing US dollar
LIBOR (3 months) and swap £443m of bonds with weighted average maturity of 1.2 years to a floating rate of interest referencing
Euribor (3 months). The Group has adopted the ISDA fallback protocol in respect of these derivatives and the fair value hedge
designations are expected to remain highly effective throughout the transition to alternative risk free rates.
)RUHLJQFXUUHQF\H[SRVXUHPDQDJHPHQW
Translation exposures arise on the earnings and net assets of individual businesses whose operational currencies are other than
sterling. Some of these exposures are offset by denominating borrowings in US dollars, euros and other currencies. Currency exposures
on transactions denominated in a foreign currency are generally hedged using forward contracts. In addition, recurring transactions and
future investment exposures may be hedged, in advance of becoming contractual. The precise policy differs according to the specific
circumstances of the individual businesses. Highly predictable future cash flows may be covered for transactions expected to occur
during the next 24 months (50 months for the Scientific, Technical & Medical subscription businesses) within limits defined according

Governance
to the period before the transaction is expected to become contractual. Cover takes the form of foreign exchange forward contracts.
Further information is provided in ‘Cash flow hedges’ below.
A theoretical weakening of all currencies by 10% against sterling at 31 December 2022 would decrease the carrying value of net
assets, excluding net borrowings, by £892m (2021: £781m). This would be offset to a degree by a decrease in net borrowings of
£671m (2021: £677m). A strengthening of all currencies by 10% against sterling at 31 December 2022 would increase the carrying
value of net assets, excluding net borrowings, by £892m (2021: £781m) and increase net borrowings by £671m (2021: £677m).
A retranslation of the Group’s net profit for the year, assuming a 10% weakening of all foreign currencies against sterling but excluding
transactional exposures, would reduce net profit by £126m (2021: £112m). A 10% strengthening of all foreign currencies against
sterling on this basis would increase net profit for the year by £126m (2021: £112m).
Credit risk
The Group seeks to manage interest rate risk and limit foreign exchange risks described above by the use of financial instruments
other information
Financial statements and

and as a result has a credit risk from the potential non-performance by the counterparties to these financial instruments, which are
unsecured. The amount of this credit risk is normally restricted to the amounts of any hedge gain and not the principal amount being
hedged. The Group also has a credit exposure to counterparties for the full principal amount of cash and cash equivalents. Credit risks
are controlled by monitoring the credit quality of these counterparties, principally licensed commercial banks and investment banks with
strong long-term credit ratings, and the amounts outstanding with each of them.
The Group has treasury policies in place which do not allow concentrations of risk with individual counterparties and do not allow
significant treasury exposures with counterparties which are rated lower than A-/A3 by Standard & Poor’s, Moody’s and Fitch.
At 31 December 2022, cash and cash equivalents totalled £334m (2021: £113m), of which 96% (2021: 89%) was held with banks
rated A-/A3 or better.

192 RELX
RELX Annual Report 2022 | Financial statements and other information

17 Financial instruments (continued)

The Group also has credit risk with respect to trade receivables due from its customers, which include national and state governments,
academic institutions and large and small enterprises including insurance companies, law firms and life science companies. The
concentration of credit risk from trade receivables is limited due to the large and broad customer base. Trade receivable exposures are
managed locally in the business areas where they arise. Where appropriate, business areas seek to minimise this exposure by taking
payment in advance and through management of credit terms. Expected credit losses are based on management’s assessment of the
risk taking into account the ageing profile, experience and circumstance. The maximum exposure to credit risk is represented by the
carrying amount of each financial asset, including derivative financial instruments, recorded in the statement of financial position.
Included within trade receivables are the following amounts which are past due, after considering loss allowance:
2020 2021 2022
£m £m £m
Up to one month 170 156 265
2 to 3 months 83 96 115
4 to 6 months 34 35 46
Greater than 6 months 46 18 23
Total past due 333 305 449

Hedge accounting
The hedging relationships that are designated under IFRS 9 – Financial Instruments are described below.
Fair value hedges
The Group has entered into interest rate swaps and cross-currency interest rate swaps to hedge the exposure to changes in the fair
value of fixed rate borrowings due to interest rate and foreign currency movements which could affect the income statement. The table
below details the designated fair value hedge relationships that were in place at 31 December 2022, swapping fixed rate term debt
issues denominated in US dollars (USD) and euros to floating rate USD and euro debt respectively for the whole or part of their term,
together with the related fixed and floating rates.
FAIR VALUE HEDGE RELATIONSHIPS 31 December 31 December
2021 2022
Principal Principal
amount amount
£m £m Fixed rate Floating rate
$700m bond and $700m interest rate swaps maturing 2023 (517) (579) 3.5 % USD LIBOR+0.8%
€500m bond and €500m interest rate swaps maturing 2024 (421) (443) 1.0 % Euribor+0.7%
€600m bond and €600m/$669.3m cross-currency interest rate
(494) (553) 1.3 % USD LIBOR+1.3%
swaps maturing 2025
$200m bond and $200m interest rate swaps maturing 2027 (148) (165) 7.2 % USD LIBOR+5.8%
$750m bond and $750m interest rate swaps maturing 2030 (554) (620) 3.0 % USD LIBOR+1.6%
$500m bond and $500m interest rate swaps maturing 2032 – (413) 4.75% USD SOFR+2.0%
(2,134) (2,773)

The gains and losses on the borrowings and related derivatives designated as fair value hedges, which are included in the income
statement as part of finance costs, together with the total carrying values of the borrowings and related derivatives included in the
statement of financial position, for the three years ended 31 December 2020, 2021 and 2022 were as follows:
GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES
AND CARRYING VALUES Fair value
1 January movement Exchange 31 December Carrying
2020 gain/(loss) gain/(loss) 2020 values
£m £m £m £m £m
USD debt (13) (25) 2 (36) (701)
Related interest rate swaps 13 25 (2) 36 36
– – – – (665)
EUR debt (39) (47) 3 (83) (1,467)
Related interest rate swaps 39 47 (3) 83 83
– – – – (1,384)
Total relating to USD and EUR debt (52) (72) 5 (119) (2,168)
Total related interest rate swaps 52 72 (5) 119 119
Net gain on borrowings and related derivatives/total
carrying value – – – – (2,049)

RELX
RELX Annual Report 2022 | Notes to the consolidated financial statements 193

Overview
17 Financial instruments (continued)
GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES
AND CARRYING VALUES Fair value
1 January movement Exchange 31 December Carrying
2021 gain/(loss) gain/(loss) 2021 values
£m £m £m £m £m
USD debt (36) 35 – (1) (1,221)

Market segments
Related interest rate swaps 36 (28) – 8 8
– 7 – 7 (1,213)
EUR debt (83) 55 1 (27) (940)
Related interest rate swaps 83 (55) (1) 27 27
– – – – (913)
Total relating to USD and EUR debt (119) 90 1 (28) (2,161)
Total related interest rate swaps 119 (83) (1) 35 35
Net gain on borrowings and related derivatives/total
carrying value – 7 – 7 (2,126)

GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES

AND CARRYING VALUES Fair value

Corporate Responsibility
1 January movement Exchange 31 December Carrying
2022 gain/(loss) gain/(loss) 2022 values
£m £m £m £m £m
USD debt (1) 140 2 141 (1,630)
Related interest rate swaps 8 (149) (2) (143) (143)
7 (9) – (2) (1,773)
EUR debt (27) 96 1 70 (924)
Related interest rate swaps 27 (96) (1) (70) (70)
– – – – (994)
Total relating to USD and EUR debt (28) 236 3 211 (2,554)
Total related interest rate swaps 35 (245) (3) (213) (213)
Net gain/(loss) on borrowings and related

Financial review
derivatives/total carrying value 7 (9) – (2) (2,767)

All fair value hedges were highly effective throughout the three years ended 31 December 2022.
Gross borrowings as at 31 December 2022 included £10m (2021: £12m) in relation to fair value adjustments to borrowings previously
designated in a fair value hedge relationship which were de-designated in 2008. The related derivatives were closed out on de-
designation with a cash inflow of £62m. £3m (2021: £3m) of these fair value adjustments were amortised in the year as a reduction to
finance costs.
Cash flow hedges
As part of the Group’s interest rate exposure management, it has entered into certain cross-currency interest rate derivatives, individual
components of which have been accounted for as cash flow hedges (with the remaining components accounted for as fair value
hedges, as described above). These comprised interest rate derivatives which swapped a fixed rate €600m bond, issued in May 2015

Governance
and maturing in May 2025, to floating rate USD debt for the whole of its term. The component relating to the swap of the euro credit
margin to USD is being accounted for as a cash flow hedge under IFRS 9, with the amount associated with foreign currency basis
spreads recorded in the cost of hedging reserve.
As part of the Group’s foreign currency exposure management, it has entered into forward foreign exchange contracts which fix the
exchange rate on a portion of future foreign currency subscription revenues forecast by the businesses for up to 50 months. These have
been accounted for as cash flow hedges under IFRS 9 of the forecast foreign currency revenues, with gains and losses on the forward
contracts deferred in the hedge reserve until the related revenue is recognised, at which time the accumulated gains and losses are
reclassified to the income statement.
Movements in the hedge reserve and the cost of hedging reserve in 2021 and 2022, including gains and losses on cash flow hedging
instruments, were as follows:
Cost of Foreign
other information
Financial statements and

Interest rate hedging currency

hedge reserve reserve hedge reserve Total
£m £m £m £m
Hedge reserve at 31 December 2020: gains/(losses) deferred 4 (8) 27 23
(Losses)/gains arising in 2021 (3) 2 11 10
Amounts recognised in income statement – – (9) (9)
Hedge reserve at 31 December 2021: gains/(losses) deferred 1 (6) 29 24
(Losses)/gains arising in 2022 (3) 5 (20) (18)
Amounts recognised in income statement 1 – (18) (17)
Exchange translation differences (1) – 1 –
Hedge reserve at 31 December 2022: losses deferred (2) (1) (8) (11)

194 RELX
RELX Annual Report 2022 | Financial statements and other information

17 Financial instruments (continued)

All cash flow hedges were highly effective throughout the two years ended 31 December 2022.
A deferred tax credit of £3m (2021: debit of £5m) in respect of the above gains and losses at 31 December 2022 was also deferred in
the hedge reserve.
Of the amounts recognised in the income statement in the year, gains of £18m (2021: £9m) were recognised in revenue, and losses
of £1m (2021: nil) were recognised in finance costs. A tax debit of £4m (2021: £2m) was recognised in relation to these items.
The deferred gains and losses on foreign currency cash flow hedges at 31 December 2022 are currently expected to be recognised in
the income statement in future years as shown in the table below, together with the principal amount of hedges relating to each year
and their total carrying values included within derivative assets and liabilities in the statement of financial position:
Foreign Principal
currency amount of Carrying
hedge reserve hedges values
£m £m £m
2023 4 673 (11)
2024 (10) 459 (10)
2025 (2) 250 (2)
2026 – 36 –
Total (8) 1,418 (23)

The cash flows for these hedges are expected to occur in line with the recognition of the gains and losses in the income statement, or in
the preceding year. These cash flows are included in the table on page 190.

18 Inventories and pre-publication costs

Accounting policy
Inventories and pre-publication costs are stated at the lower of cost, including appropriate attributable overhead, and estimated net
realisable value. Such costs typically comprise direct internal labour costs and externally commissioned editorial and other fees.
Pre-publication costs, representing costs incurred in the origination of content prior to publication, are expensed systematically
reflecting the expected sales profile over the estimated economic lives of the related products, generally up to five years.
Annual reviews are carried out to assess the recoverability of carrying amounts.

2021 2022
£m £m
Raw materials 2 3
Pre-publication costs 218 264
Finished goods 33 42
Total 253 309

During the year, pre-publication costs of £94m (2021: £73m) were capitalised. The related amortisation charge was £72m (2021: £60m).

19 Trade and other receivables

Accounting policy
Trade receivables are stated net of a loss allowance for expected credit losses.

2021 2022
£m £m
Trade receivables 1,738 2,193
Loss allowance (106) (118)
1,632 2,075
Prepayments and accrued income 316 310
Current tax receivable 10 15
Net finance lease receivable 2 5
Total 1,960 2,405

Trade receivables are predominantly non-interest bearing and their carrying amounts approximate to their fair value.
RELX
RELX Annual Report 2022 | Notes to the consolidated financial statements 195

Overview
19 Trade and other receivables (continued)
The movements in the loss allowance during the year were as follows:
2021 2022
£m £m
At start of year 99 106
Charge for the year 17 11

Market segments
Trade receivables written off (8) (7)
Exchange translation differences (2) 8
At end of year 106 118

20 Trade and other payables

Accounting policy
Deferred income is recognised when either a customer has paid consideration, or RELX has an unconditional right to an amount of
consideration, in advance of the goods and services being delivered.
Trade payables, accruals and other payables are not interest-bearing and are stated at their nominal values.

Corporate Responsibility
2021 2022
£m £m
Trade payables 109 129
Accruals 718 844
Social security and other taxes 141 159
Other payables 351 517
Deferred income 1,956 2,368
Total 3,275 4,017

Trade and other payables are predominantly non-interest bearing and their carrying amounts approximate to their fair value.
Materially all of the opening deferred income balance has been recognised in the reporting period.

Financial review
21 Debt
Accounting policy
Borrowings are recorded initially at fair value and subsequently carried at amortised cost, other than fixed rate borrowings in
designated hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted
for the gain or loss attributable to the hedged risk. When the related derivative in such a hedging relationship expires, is sold or
terminated, or no longer qualifies for hedge accounting, the cumulative change in fair value of the hedged borrowing is amortised
in the income statement over the period to maturity of the borrowing using the effective interest method.

2021 2022
Falling due Falling due Falling due Falling due in

Governance
within in more than within more than
1 year 1 year Total 1 year 1 year Total
£m £m £m £m £m £m
Financial liabilities measured at amortised cost:
Short-term bank loans, overdrafts and commercial paper 131 – 131 102 – 102
Term debt 32 3,410 3,442 – 3,641 3,641
Lease liabilities 69 139 208 67 115 182
Term debt in fair value hedging relationships – 2,161 2,161 576 1,978 2,554
Term debt previously in fair value hedging relationships – 225 225 125 126 251
Total 232 5,935 6,167 870 5,860 6,730

The total fair value of financial liabilities measured at amortised cost (excluding lease liabilities) is £3,451m (2021: £3,746m). The total
fair value of term debt in fair value hedging relationships is £2,688m (2021: £2,268m). The total fair value of term debt previously in fair
other information
Financial statements and

value hedging relationships is £257m (2021: £255m).

RELX PLC has given guarantees in respect of certain long-term and short-term borrowings issued by subsidiaries. Included within term
debt above are debt securities issued by RELX Capital Inc., a 100% indirectly owned finance subsidiary of RELX PLC, which have been
registered with the US Securities and Exchange Commission. RELX PLC has fully and unconditionally guaranteed these securities,
which are not guaranteed by any other subsidiary of RELX PLC.

196 RELX
RELX Annual Report 2022 | Financial statements and other information

21 Debt (continued)
Analysis by year of repayment
2021 2022
Short-term Short-term
bank loans, bank loans,
overdrafts overdrafts
and and
commercial Lease commercial Lease
paper Term debt liabilities Total paper Term debt liabilities Total
£m £m £m £m £m £m £m £m
Within 1 year 131 32 69 232 102 701 67 870
Within 1 to 2 years – 641 40 681 – 1,045 24 1,069
Within 2 to 3 years – 1,012 37 1,049 – 623 25 648
Within 3 to 4 years – 628 29 657 – 660 24 684
Within 4 to 5 years – 626 17 643 – 595 17 612
After 5 years – 2,889 16 2,905 – 2,822 25 2,847
After 1 year – 5,796 139 5,935 – 5,745 115 5,860
Total 131 5,828 208 6,167 102 6,446 182 6,730

Short-term bank loans, overdrafts and commercial paper were backed up at 31 December 2022 by a $3.0bn (£2.5bn) committed bank
facility maturing in 2025. The committed bank facility was undrawn.
Analysis by currency
2021 2022
Short-term Short-term
bank loans, bank loans,
overdrafts overdrafts
and and
commercial Lease commercial Lease
paper Term debt liabilities Total paper Term debt liabilities Total
£m £m £m £m £m £m £m £m
US dollar 68 2,691 79 2,838 2 3,160 65 3,227
Pound sterling – – 51 51 – – 40 40
Euro 15 3,137 47 3,199 – 3,286 57 3,343
Other currencies 48 – 31 79 100 – 20 120
Total 131 5,828 208 6,167 102 6,446 182 6,730

Included in the US dollar amounts for term debt above is £498m (2021: £515m) of debt denominated in euros (€600m) (2021: €600m)
that was swapped into US dollars on issuance and against which there are related derivative financial instruments, which, as at
31 December 2022, had a fair value of £55m (2021: £21m).

22 Lease arrangements
Accounting policy
All leases where RELX is the lessee (with the exception of short-term and low-value leases) are recognised in the statement of
financial position. A lease liability is recognised based on the present value of the future lease payments, and a corresponding right-
of-use asset is recognised. The right-of-use asset is depreciated over the shorter of the lease term or the useful life of the asset.
Lease payments are apportioned between finance charges and a reduction of the lease liability.
Low-value items and short-term leases with a term of 12 months or less are not required to be recognised on the balance sheet and
payments made in relation to these leases are recognised on a straight-line basis in the income statement.
The leases held by the Group can be split into two categories: property and non-property. The Group leases various properties,
principally offices, which have varying terms and renewal rights that are typical to the territory in which they are located.
Non-property includes all other leases, such as cars and printers.


RELX
RELX Annual Report 2022 | Notes to the consolidated financial statements 197

Overview
22 Lease arrangements (continued)
Right-of-use assets
2021 2022
£m £m
At start of year 216 161
Additions 25 34

Market segments
Acquisitions – 3
Remeasurement 9 8
Disposals (5) (8)
Depreciation (66) (63)
Impairment (14) –
Exchange translation differences (4) 10
At end of year 161 145

Lease liability
2021 2022
£m £m
Current
Property (67) (65)

Corporate Responsibility
Non-property (2) (2)
Non-current
Property (136) (113)
Non-property (3) (2)
Total (208) (182)

Interest expense on the lease liabilities recognised within finance costs was £6m (2021: £8m; 2020: £12m).
As at 31 December 2022, RELX was committed to leases with future cash outflows totalling £32m (31 December 2021: £5m) which
had not yet commenced and as such are not accounted for as a liability as at 31 December 2022. A liability and corresponding right-of-
use asset will be recognised for these leases at the lease commencement date.
RELX subleases vacant space available within its leased properties. IFRS 16 specifies conditions whereby a sublease is classed as a

Financial review
finance lease for the sub-lessor. The finance lease receivable balance held is as follows:
2021 2022
£m £m
Net finance lease receivable 2 5

Short-term and low-value lease expenses have been included in note 3.

Interest income recognised in relation to finance lease receivables is disclosed in note 7.

23 Share capital and shares held in treasury

Accounting policy

Governance
Shares of RELX PLC that are repurchased and not cancelled are classified as shares held in treasury. The consideration paid,
including directly attributable costs, is recognised as a deduction from equity. Shares of RELX PLC that are purchased by the
Employee Benefit Trust are also classified as shares held in treasury, with the cost recognised as a deduction from equity.

RELX PLC
CALLED UP SHARE CAPITAL – ISSUED AND FULLY PAID 2021 2022
No. of shares £m No. of shares £m
At start of year 1,982,299,312 286 1,984,961,632 286
Issue of ordinary shares 2,662,320 – 1,918,456 –
Cancellation of ordinary shares – – (52,000,000) (7)
At end of year 1,984,961,632 286 1,934,880,088 279

other information
Financial statements and
198 RELX
RELX Annual Report 2022 | Financial statements and other information

23 Share capital and shares held in treasury (continued)

NUMBER OF ORDINARY SHARES Year ended 31 December
2021 2022
Shares in Shares in
issue net of issue net of
treasury Shares in Treasury treasury
shares* issue shares shares*
(millions) (millions) (millions) (millions)
RELX PLC
At start of year 1,926.0 1,985.0 (55.6) 1,929.4
Issue of ordinary shares 2.7 1.9 – 1.9
Repurchase of ordinary shares – – (21.7) (21.7)
Net release/(purchase) of shares by the Employee Benefit Trust 0.7 – (0.1) (0.1)
Cancellation of ordinary shares – (52.0) 52.0 –
At end of year 1,929.4 1,934.9 (25.4) 1,909.5
* At 31 December 2022 the total shares in issue net of treasury shares is 1,909,526,620 (2021: 1,929,425,389).

During the year, RELX PLC repurchased 21.7m (2021: nil; 2020: 7.8m) RELX PLC ordinary shares for an average price of 2,303p;
repurchased shares are held in treasury. In 2022 the total consideration for the RELX PLC repurchases was £500m (2021: nil;
2020: £150m).
The Employee Benefit Trust purchases RELX PLC shares which, at the trustees’ discretion, can be used in respect of the exercise of
share options and to meet commitments under conditional share awards. During the year, the Employee Benefit Trust purchased 2.2m
shares for a total cost of £50m (2021: £1m; 2020: £37m). At 31 December 2022, shares held by the Employee Benefit Trust were
£101m (2021: £86m; 2020: £97m) at cost.
The issue of ordinary shares in the year relates to the exercise of share options.
All of the RELX PLC ordinary shares rank equally with respect to voting rights and rights to receive dividends, except for shares held in
treasury, which do not attract voting or dividend rights. There are no restrictions on the rights to transfer shares.
At 31 December 2022, RELX PLC shares held in treasury related to 5,553,401 (2021: 5,448,564; 2020: 6,192,953) RELX PLC ordinary
shares held by the Employee Benefit Trust; and 19,800,067 (2021: 50,087,679; 2020: 50,087,679) RELX PLC ordinary shares held by
the parent company. During 2022, 52m (2021: nil; 2020: nil) RELX PLC ordinary shares held in treasury were cancelled.

On 9 December 2022, RELX PLC announced a non-discretionary programme to repurchase further ordinary shares up to the value of
£150m. At 31 December 2022, an accrual of £150m was recognised in respect of this non-discretionary commitment. A further 6.3m
RELX PLC ordinary shares have been repurchased in January and February 2023 under this programme.

24 Other reserves and translation reserve

Translation Hedge Other
Total reserve reserve reserves Total
2021 2022 2022 2022 2022
£m £m £m £m £m
At start of year 1,241 250 19 2,062 2,331
Profit attributable to shareholders 1,471 – – 1,634 1,634
Dividends paid (920) – – (983) (983)
Actuarial gains on defined benefit pension schemes 321 – – 164 164
Fair value movements on cash flow hedges 10 – (18) – (18)
Transfer to profit from cash flow hedge reserve (9) – (17) – (17)
Tax recognised in other comprehensive income (49) – 8 (43) (35)
Exchange differences on translation of foreign operations 223 427 – – 427
Cancellation of shares – – – (1,120) (1,120)
Increase in share based remuneration reserve (net of tax) 55 – – 47 47
Settlement of share awards (12) – – (35) (35)
Disposal of nonǦcontrolling interests – – – (1) (1)
At end of year 2,331 677 (8) 1,725 2,394

Other reserves principally comprise retained earnings and the share based remuneration reserve. Movements in reserves during the
period includes the effects of profits generated during the period, share repurchases, changes in exchange rates and other items.
Dividends paid during 2022 were £983m (2021: £920m). Refer to note 13 for further details.

52m (2021: nil) RELX PLC ordinary shares held in treasury were cancelled resulting in a transfer of £1.1bn between other reserves and
shares held in treasury.

The increase of £427m in the translation reserve is due to the net effect of changes in exchange rates during the period which
increased net debt by £560m and assets (net of other liabilities) by £987m.

RELX
RELX Annual Report 2022 | Notes to the consolidated financial statements 199

Overview
25 Related party transactions
Transactions with related parties were made on normal market terms of trading.
Transactions between RELX PLC and subsidiaries of the Group have been eliminated within the consolidated financial statements.
Transactions with joint ventures comprise sales of goods and services of £0.4m (2020: nil; 2021: nil) and the rendering and receiving
of goods and services of nil (2021: £0.2m; 2020: £0.1m). As at 31 December 2022, amounts owed by joint ventures were £4.2m

Market segments
(2021: £2.4m; 2020: £0.8m) and amounts due to joint ventures were £1.2m (2021: £1.4m; 2020: £0.4m). See note 6 for details of the
Group’s participation in defined benefit pension schemes.
Key management personnel are also related parties as defined by IAS 24 – Related Party Disclosures and comprise the Executive and
Non-Executive Directors of RELX PLC. Key management personnel remuneration is set out below. For reporting purposes, salary,
benefits and annual incentive payments are considered short-term employee benefits.
KEY MANAGEMENT PERSONNEL REMUNERATION 2020 2021 2022
£m £m £m
Salaries, other short-term employee benefits and non-executive fees 6 7 7
Post-employment benefits 1 1 –
Share based remuneration* 1 8 7
Total 8 16 14

Corporate Responsibility
EXECUTIVE DIRECTORS Annual Share based
Salary Benefits incentive remuneration* Pension* Total
£’000 £’000 £’000 £’000 £’000 £’000
Total Executive Directors 2020 2,034 99 2,623 595 687 6,038
2021 2,085 97 3,604 7,953 774 14,513
2022 2,137 97 3,251 6,857 268 12,610
* The figures for share based awards are calculated in accordance with the methodology set out in the UK Regulations. The figure for performance-related share
based awards includes share price appreciation since the date the award was granted. Please see page 124 for further details. Pension is calculated in
accordance with the methodology set out in the UK Regulations.

NON-EXECUTIVE DIRECTORS 2020 2021 2022

£’000 £’000 £’000
Fees and benefits 1,558 1,598 1,566

Financial review
The remuneration of non-executive directors comprises fees for services, and benefits primarily relating to tax filing support in respect
of filings resulting from their directorships. No deemed benefits were provided during 2022 to former directors (2021: nil; 2020: nil).
No loans, advances or guarantees have been provided on behalf of any director. The aggregate gains made by Executive Directors on
the exercise of options during 2022 were nil (2021: nil; 2020: nil).

26 Exchange rates
The following exchange rates have been applied in preparing the consolidated financial statements:
Statement of
Income statement financial position
2020 2021 2022 2021 2022

Governance
Euro to sterling 1.12 1.16 1.17 1.19 1.13
US dollar to sterling 1.28 1.38 1.24 1.35 1.21

27 Approval of financial statements

The consolidated financial statements were approved and authorised for issue by the Board of Directors on 15 February 2023.
other information
Financial statements and
200 RELX
RELX Annual Report 2022 | Financial statements and other information

28 Related undertakings
A full list of related undertakings (comprising subsidiaries, joint ventures, associates and other significant holdings) is set out below.
All are 100% owned directly or indirectly by the Group except where percentage ownership denoted in (x%).

Share Reg Share Reg

Company name class office Company name class office
Australia France
LNRS Data Services (Australia) Pty Ltd Ordinary AUS1 Closd SAS Ordinary FRA9
Reed Exhibitions Australia Pty Ltd Ordinary AUS2 Elsevier Holding France SAS Ordinary FRA1
Reed International Books Australia Pty Ltd Ordinary AUS2 Elsevier Masson SAS Ordinary FRA1
RELX Australia Pty Ltd Ordinary AUS2 Evoluprint SAS Ordinary FRA2
ThreatMetrix Pty Ltd Ordinary AUS2 Fircosoft SAS Ordinary FRA8
GIE EDI Data (83%) Ordinary FRA3
Austria GIE Juris Data Ordinary FRA3
LexisNexis Verlag ARD ORAC GmbH & Co KG Partnership Interest AUT2 LexisNexis Business Information Solutions SA Ordinary FRA3
ORAC GmbH Ordinary AUT2 LexisNexis Business Information Solutions Holding SA Ordinary FRA5
RELX Austria GmbH Ordinary AUT3 LexisNexis International Development & Services SAS Ordinary FRA3
RX CEE GmbH Ordinary AUT1 LexisNexis SA Ordinary FRA3
RX Salzburg GmbH Ordinary AUT3 Reed Exhibitions ISG SARL Ordinary FRA6
RX Wien GmbH Ordinary AUT1 RELX France SA Ordinary FRA6
Standout GmbH Ordinary AUT4 RELX France Services SAS Ordinary FRA8
RX France SAS Ordinary FRA4
Belgium SAFI SA (50%) Ordinary FRA7
LexisNexis BV Ordinary BEL1
Germany
Brazil BehavioSec GmbH Ordinary DEU7
Elsevier GmbH Ordinary DEU3
Elsevier Editora Ltda Quotas BRA1
Elsevier Information Systems GmbH Ordinary DEU2
Fircosoft Brasil Consultoria e Servicos de Informatica Ltda Quotas BRA2
IPlytics GmbH Ordinary DEU8
Gestora de Inteligência de Crédito S.A. (20%) Common, Preferred BRA8
LexisNexis GmbH Ordinary DEU4
LexisNexis Informações e Sistemas Empresariais Ltda Quotas BRA6
PatentSight GmbH Ordinary DEU6
LexisNexis Serviços de Análise de Risco Ltda Quotas BRA7
RELX Deutschland GmbH Ordinary DEU1
MLex Brasil Midia Mercadologica Ltda Quotas BRA4
RX Deutschland GmbH Ordinary DEU1
Reed Exhibitions Alcântara Machado Ltda Quotas BRA3
Tschach Solutions GmbH Ordinary DEU5
SST Software do Brasil Ltda Quotas BRA5
Greece
Canada
Mack Brooks Hellas SA (87.36%) (Liquidation in progress) Ordinary GRE1
Elsevier Canada Inc. Common CAN2
LexisNexis Canada Inc. Class B CAN1
RELX Canada Ltd Common CAN1 Hong Kong
Ascend China Holding Ltd Ordinary HNK4
China JC Exhibition and Promotion Ltd (65%) Ordinary HNK4
JYLN Sager Ltd Ordinary HNK2
Bakery China Exhibitions Co., Ltd (25%) Ordinary CHN1
LNRS Data Services (China) Ltd Ordinary HNK1
Beijing Medtime Elsevier Education Technology Co., Ltd Common CHN2
Reed Exhibitions Ltd Ordinary HNK4
(49%)
RELX (Greater China) Ltd Ordinary HNK3
C-One Energy (Guangzhou) Co., Ltd Ordinary CHN5
ICIS Consulting (Beijing) Co., Ltd (Liquidation in progress) Ordinary CHN18
KeAi Communications Co., Ltd (49%) Ordinary CHN15 India
LexisNexis Information Technology Co. Ltd Ordinary CHN19 FircoSoft India Private Ltd Ordinary IND2
LexisNexis Risk Solutions (Shanghai) Information Common CHN7 Next Events Private Ltd Ordinary IND1
Technologies Co. Ltd Parity Computing India Private Ltd Ordinary IND3
LNRS Data Services (Shanghai) Co Ltd Ordinary CHN13 Reed Elsevier Publishing (India) Private Ltd Ordinary IND1
Reed Elsevier Information Technology (Beijing) Co., Ltd Common CHN3 Reed Manch Exhibitions Private Ltd Ordinary IND1
Reed Exhibitions (China) Co., Ltd Ordinary CHN4 Reed Triune Exhibitions Private Ltd (72%) Ordinary IND4
Reed Exhibitions Hengjin Co., Ltd (51%) Ordinary CHN12 RELX India Private Ltd Ordinary IND1
Reed Exhibitions (Shanghai) Co., Ltd Ordinary CHN10
Reed Huabai Exhibitions (Beijing) Co., Ltd (51%) Ordinary CHN4 Indonesia
Reed Huabo Exhibitions (Shenzhen) Co., Ltd (65%) Ordinary CHN16 PT Reed Exhibitions Indonesia (70%) Class A Preferred IDN1
Reed Huaqun Exhibitions Co., Ltd (52%) Ordinary CHN4 Class B Common
Reed Exhibitions Kuozhan (Shanghai) Co., Ltd (60%) Ordinary CHN8 PT RELX Information Analytics Indonesia Ordinary IDN2
Reed Sinopharm Exhibitions Co., Ltd (50%) Ordinary CHN4
RELX (China) Investment Co., Ltd Ordinary CHN9 Irish Republic
RX (Shenzhen) Co., Ltd Ordinary CHN6 Elsevier Services Ireland Ltd Ordinary IRL2
Shanghai Datong Medical Information Technology Co., Ltd Ordinary CHN17 LexisNexis Risk Solutions (Europe) Ltd Ordinary IRL1
Shanghai SinoReal Exhibitions Co., Ltd (27.5%) Ordinary CHN11 LexisNexis Risk Solutions (Ireland) Ltd Ordinary IRL1
Z&R Exhibitions Co., Ltd (27.5%) Ordinary CHN14 3D4Medical Ltd Ordinary IRL3

Colombia Israel
LexisNexis Risk Solutions SAS Ordinary COL1 LexisNexis Israel Ltd Ordinary ISR1

Denmark Italy
Elsevier A/S Ordinary DNK1 Elsevier SRL Registered Capital ITA1
ICIS Italia SRL Ordinary ITA2
Egypt RX Italy SRL Ordinary ITA1
Elsevier Egypt LLC Ordinary EGY1

RELX
RELX Annual Report 2022 | Notes to the consolidated financial statements 201

Overview
28 Related undertakings (continued)
Share Reg Share Reg
Company name class office Company name class office
Japan Reed Events Management (Pty) Ltd (90%) Ordinary ZAF2
Ascend Japan KK Ordinary JPN1 Reed Exhibitions (Pty) Ltd (90%) Ordinary ZAF2
Elsevier Japan KK Ordinary JPN2 Reed Exhibitions Group (Pty) Ltd (90%) Ordinary ZAF2
LexisNexis Japan KK Ordinary JPN2 Reed Venue Management (Pty) Ltd (90%) Ordinary ZAF2
PatentSight Japan Inc. Common JPN2 RELX (Pty) Ltd Ordinary ZAF2

Market segments
RX Japan KK Ordinary JPN3
Spain
Korea (Republic of) Elsevier Espana SL Participations ESP1
Elsevier Korea LLC Ordinary KOR1
LexisNexis Legal and Professional Service Korea Ltd Ordinary KOR2 Sweden
Reed Exhibitions Korea Ltd Ordinary KOR3 Behaviometrics AB Ordinary SWE1
Reed Exporum Ltd (60%) Ordinary KOR4
Reed K. Fairs Ltd (70%) Ordinary KOR3 Switzerland
Fircosoft Schweiz GmbH (Liquidation in progress) Ordinary CHE1
Macau
Reed Exhibitions Macau Ltd Ordinary MAC1 Taiwan
Elsevier Taiwan LLC Ordinary TWN1
Malaysia
LexisNexis Malaysia Sdn Bhd Ordinary MYS1 Thailand
Reed Tradex Company Ltd (49%) Ordinary, Preference THA1
Mexico RELX Holding (Thailand) Co., Ltd Ordinary THA2

Corporate Responsibility
Masson-Doyma Mexico, S.A. Ordinary MEX1 RELX Information Analytics (Thailand) Co., Ltd Ordinary THA3
Reed Exhibitions Mexico S.A. de C.V. Fixed MEX2
Turkey
Netherlands Elsevier STM Bilgi Hizmetleri Limited Ğirketi Ordinary TUR1
AGRM Solutions C.V. Partnership Interest NLD1 Mack Brooks Fuarcilik A.S. Registered Capital TUR3
Caselex B.V. Ordinary NLD1 Reed Tüyap Fuarcilik A.S. (50%) A Ordinary, B Ordinary TUR2
Elsevier B.V. Ordinary NLD1
ICIS Benchmarking Europe B.V. Ordinary NLD1 United Arab Emirates
LexisNexis Business Information Solutions B.V. Ordinary NLD1 Reed Exhibitions FZ-LLC Ordinary UAE1
LNRS Data Services B.V. Ordinary NLD1 RELX Middle East FZ-LLC Ordinary UAE2
Misset Uitgeverij B.V. (49%) Ordinary NLD2  
RELX Employment Company B.V. Ordinary NLD1 United Kingdom
RELX Finance B.V. Ordinary NLD1 3rd Street Group Ltd Ordinary GBR3
RELX Holdings B.V. Ordinary NLD1 Butterworths Ltd Ordinary GBR4
RELX Nederland B.V. Ordinary NLD1 Cordery Compliance Ltd (71%) Ordinary GBR4
RELX Overseas B.V. Ordinary RE NLD1 Cordery Ltd (71%) Ordinary GBR4
Crediva Ltd Ordinary GBR5

Financial review
New Zealand Digital Foundry Network Ltd (50%) Ordinary GBR3
LexisNexis NZ Ltd Ordinary NZL1 E & P Events LLP (50%) Membership Interest GBR3
Elsevier Ltd Ordinary GBR6
Philippines Emailage Ltd Ordinary GBR5
Reed Elsevier Shared Services (Philippines) Inc. Common PHL1 Gamer Network Ltd Ordinary GBR3
Gapsquare Ltd A Ordinary, B Ordinary GBR2
Poland Hookshot Media Ltd (23.5%) Ordinary GBR8
AI Digital Contracts Sp. z.o.o. (75%) Ordinary POL1 Interfolio UK Ltd Ordinary GBR10
Elsevier Sp. z.o.o. Ordinary POL2 LexisNexis Risk Solutions UK Ltd Ordinary GBR5
LNRS Data Services Holdings Ltd Ordinary GBR1
Russia LNRS Data Services Ltd Ordinary GBR2
Elsevier LLC (Liquidation in progress) Participation Shares RUS2 Mack-Brooks Exhibitions Ltd Ordinary GBR3
LexisNexis LLC (Liquidation in progress) Participation Shares RUS3 MCM Expo Ltd Ordinary GBR3
Real Estate Events Direct LLC (80%) (Liquidation in Participation Shares RUS1 Mendeley Ltd Ordinary GBR6
progress) MLex Ltd Ordinary GBR4
RELX LLC (Liquidation in progress) Participation Shares RUS1 Offshore Europe (Management) Ltd Ordinary GBR3
Offshore Europe Partnership (50%) Partnership Interest GBR3

Governance
Singapore Out There Gaming Ltd (70%) Ordinary GBR3
Elsevier (Singapore) Pte Ltd Ordinary SGP1 Oxford Spires Management Co; Ltd (55%) Ordinary GBR7
Lexis-Nexis Philippines Pte Ltd Ordinary-B, Preference SGP2 RE (HPL) Ltd Ordinary GBR1
LNRS Data Services Pte Ltd Ordinary SGP3 RE (RCB) Ltd Ordinary GBR1
RE (HAPL) Pte Ltd Ordinary SGP1 RE Secretaries Ltd Ordinary GBR1
RELX (Singapore) Pte Ltd Ordinary SGP2 RE (SOE) Ltd Ordinary GBR3
  Reed Events Ltd Ordinary GBR3
Reed Exhibitions Ltd Ordinary GBR3
South Africa
Reed Nominees Ltd Ordinary GBR1
Globalrange SA (Pty) Ltd Ordinary ZAF1
RELX Finance Ltd Ordinary GBR1
LexisNexis (Pty) Ltd (78%) A-Ordinary ZAF2
RELX Group plc Ordinary GBR1
LexisNexis Risk Management (Pty) Ltd (78%) Ordinary ZAF2
RELX (Holdings) Ltd Ordinary GBR1
LexisNexis South Africa Shared Services (Pty) Ltd Ordinary ZAF2

other information
Financial statements and
202 RELX
RELX Annual Report 2022 | Financial statements and other information

28 Related undertakings (continued)

Share Reg Registered offices
Company name class office Australia
RELX (Investments) plc Ordinary GBR1 AUS1: Building B, Level 2, Unit 11, 1 Maitland Place, Baulkham Hills, NSW 2153
RELX Overseas Holdings Ltd Ordinary GBR1 AUS2: Tower 2, Level 1, 475 Victoria Avenue, Chatswood NSW 2067
RELX (UK) Ltd Ordinary GBR1
REV GP (UK) LLP Membership Interest GBR1 Austria
REV Venture Partners Ltd Ordinary GBR1 AUT1: Messeplatz 1, 1020, Vienna
REV V LP Partnership Interest GBR1 AUT2: Trabrennstrassee 2ª,1020, Vienna
SciBite Ltd A Ordinary, B Ordinary, C Ordinary GBR9 AUT3: Am Messezentrum 6, 5020, Salzburg
Tracesmart Ltd Ordinary GBR5 AUT4: Am Messezentrum 7, 5020, Salzburg
TruNarrative Ltd Ordinary GBR5
Belgium
United States BEL1: Oudenaardseheerweg 129, 9810 Nazareth
Accuity Asset Verification Services Inc. Common Stock USA1
Accuity Inc. Common Stock USA1 Brazil
American Textile Machinery Exhibition Common Stock USA3 BRA1: Rua da Assembleia no 100, 6th Floor, RJ Centro, Rio de Janiero, 20011-904
International Inc. (40%) BRA2: Rua Bela Cintra 2305, São Paulo, 01415-009
Aries Systems Corporation Common Stock USA3 BRA3: Rua Bela Cintra no. 1200, 10th floor, São Paulo, 01415-001
BehavioSec Inc Common Stock USA2 BRA4: Avenida Paulista, 2300-Piso Pilotis room 28, São Paulo, 01310-300
Crop Data Management Systems, Inc. Common Stock USA2 BRA5: Rua Cel Fonseca, 203 A-Centro, Botucatu, São Paulo, 18600-200
Dunlap-Hanna Publishers (50%) Partnership Interest USA7 BRA6: Rua Funchal, 538, conjunto 42, Vila Olímpia, São Paulo - CEP 04551-060
Elsevier Holdings Inc. Common Stock USA3 BRA7: Alameda Rio Negro, 161 Alphaville Industrial, Barueri, São Paulo 06.455-000
Elsevier Inc. Common Stock USA3 BRA8: Alphaville, Conjuntos 81-84, Centro Empresarial Araguaia, Barueri, São Paulo
Elsevier Medical Information LLC Membership Interest USA3 2104, 8-9 Andar
Elsevier STM Inc. Common Stock USA3
Emailage Corp. Common Stock USA2 Canada
Enclarity, Inc. Common Stock USA2
CAN1: 111 Gordon Baker Road, Suite 900, Toronto, Ontario, M2H 3R1
Flyreel Inc. Common Stock USA2
CAN2: 26E-1501 av. McGill College, Montreal, Quebec, H3A 3N9
Gaming Business Asia LLC (50%) Membership Interest USA3
Health Market Science, Inc. Common Stock USA2
China
ID Analytics LLC Membership Interest USA2
IDG-RBI China Publishers LLC (50%) Membership Interest USA3 CHN1: Zhongkun Building, Room 612, Gaoliangqiaoxie Street, No. 59, Haidan District,
Interfolio, Inc. Common Stock USA3 Beijing, 100044
Interfolio Data 180, LLC Membership Interest USA3 CHN2: Room 516, 5th Floor, Building 22, Area 11, No. 38, Xueyuan Road, Haidian
Knovel Corporation Common Stock USA3 District, Beijing
Knowable Inc (75%) Common Stock USA3 CHN3: Oriental Plaza, No. 1 East Chang An Ave, Tower W1, 7th Floor, Unit 1-7, Dong
Legal InQuery Solutions Inc. Common Stock USA8 Cheng District, Beijing, 100738
LexisNexis Claims Solutions Inc. Common Stock USA2 CHN4: Ping An International Finance Center, Room 1504, 15th Floor, Tower A-
LexisNexis Coplogic Solutions Inc. Common Stock USA2 101, 3-24 floor, Xinyuan South Road, Chaoyang District, Beijing, 100027
LexisNexis of Puerto Rico Inc. Common Stock USA8 CHN5: Unit B1303-1 & 1305, 13F Center Plaza, 161 Linhe Road West, Tianhe District
LexisNexis Risk Data Management LLC Membership Interest USA2 Guangzhou
LexisNexis Risk Holdings Inc. Common Stock USA2 CHN6: Unit 303, 3F, Tower 3 Kerry Plaza ,No.1 Zhong Xin Si Road, Fu Tian District, Fu
LexisNexis Risk Solutions Inc. Common Stock USA2 Tian District, Shenzhen
LexisNexis Risk Solutions FL Inc. Common Stock USA2 CHN7: Room 5106, Raffle City, 268 Middle Xizang Road, Huangpu District, Shanghai,
LexisNexis Special Services Inc. Common Stock USA6 200001
LexisNexis VitalChek Network Inc. Common Stock USA2 CHN8: Intercontinental Center, 42F, 100 Yutong Road, Zhabei District, Shanghai,
LNRS Data Services Inc. Common Stock USA5 200070
Matthew Bender & Company, Inc. Common Stock USA3 CHN9: Room 319, 238 Jiangchangsan Road, Jing’an District, Shanghai
MLex US, Inc. Common Stock USA3 CHN10: Room 304, Sanlian Building, No.8, Huajing Road, Pudong District, Shanghai,
Parley Pro Inc. Common Stock USA3 200070
PCLaw Time Matters LLC (51%) Membership Interest USA3 CHN11: Building 2, Room No. 3895, Changjiang Avenue, No. 161, Changliang Farm,
Portfolio Media, Inc. Common Stock USA3 Chongming County, Shanghai
Reed Technology and Information Services Membership Interest USA3 CHN12: Floor 2, No.979, Yunhan Road, Nicheng Town, Pudong New District, Shanghai
LLC CHN13: 4/F Block 3, No 999 Jingzhong Road, Changning District, Shanghai
RELX Capital Inc. Common Stock USA4 CHN14: A0208, 1st floor, building 2, Yard 66, Yanfu Road, Yancun Tow, Fangshan
RELX Inc. Common Stock USA3 District Beijing
RELX Risks Inc. Common Stock USA9 CHN15: 16 Donghuangchenggen North Street, Beijing, 100717
REV IV Partnership LP Partnership Interest USA4 CHN16: Shenzhen International Chamber of Commerce Tower, Room 1801-1802,
SAFI Americas LLC (50%) Membership Interest USA3 1805, Fuhua 3rd Road, Futian District, Shenzhen, 518048
SageStream LLC Membership Interest USA2 CHN17: 5/F Unit A, Digital China Centre No. 567 Tianshan West Road, ChangNing
The Reed Elsevier Ventures 2005 Partnership Partnership Interest USA4 District, Shanghai, 200335
LP CHN18: Room 12B, 7th Floor, Oriental Plaza, 1 East Chang An Avenue, Beijing, 100738
The Reed Elsevier Ventures 2011 Partnership Partnership Interest USA4 CHN19: 404 F4, No.9 Shangdi 9th Street, Haidian District, Beijing, 100085
LP
The Reed Elsevier Ventures 2013 Partnership Partnership Interest USA4 Colombia
LP COL1: Philippe Prietocarrizosa & Uria Abogados, Carrera 9 No. 74-08 Oficina 105,
The Remick Publishers (50%) Partnership Interest USA7 Bogota, d.c., 76600
ThreatMetrix, Inc. Common Stock USA2
World Compliance, Inc. Common Stock USA4 Denmark
DNK1: Niels Jernes Vej 10, 9220, Aalborg East
Vietnam
Reed Tradex Vietnam LLC (49%) Membership Interest VIE1 Egypt
EGY1: Land Mark Office Building, 2nd Floor, 90th Street, City Center, 5th Settlement,
New Cairo, Cairo


RELX
RELX Annual Report 2022 | Notes to the consolidated financial statements 203

Overview
28 Related undertakings (continued)
Registered offices Registered offices
France Mexico
FRA1: 65, rue Camille Desmoulins, 92130, Issy les Moulineaux MEX1: Masson-Doyma Mexico S.A., Av Insurgentes Sur 1388 Piso 8, Col
FRA2: Parc Euronord, 10 rue du Parc, 31150, Bruguieres Actipan Mixcoac Del. Benito Juarez, Mexico DF, CP 03230
FRA3: 141 rue de Javel, 75015, Paris MEX2: Avenida Paseo de la Reforma 243, Piso 15, Col. Cuauhtemoc, Mexico
FRA4: 52 Quai de Dion Bouton, 92800, Puteaux City, 06500
FRA5: Immeuble Technopolis, 350 rue Georges Besse, 30000, Nimes

Market segments
FRA6: 27-33 quai Alphonse Le Gallo, 92100, Boulogne-Billancourt Netherlands
FRA7: 6-8 Rue Chaptal, 75009, Paris NLD1: Radarweg 29, 1043 NX Amsterdam
FRA8: 151-155 Rue de Bercy, 75012, Paris NLD2: Hanzestraat 1, 7006RH Doetinchem
FRA9: 168 Rue Saint-Denis, 75002, Paris
New Zealand
Germany NZL1: Level 1, 138 The Terrace, P.O. Box 472, Wellington 6011
DEU1: Volklinger Strasse 4, 40219, Dusseldorf
DEU2: St. Martin Tower, Wing, 2nd floor, Franklinstrasse 61-63, 60486, Philippines
Frankfurt am Main Hessen PHL1: Building H, 2nd Floor, U.P. Ayalaland TechnoHub, Commonwealth
DEU3: Bernhard-Wicki-Strasse 5, 80636, Munich Avenue, Quezon City, Metro Manila, 1101
DEU4: Heerdter Sandberg 30, 40549, Dusseldorf
DEU5: Steinhauserstrasse 9, 76135, Karlsruhe Poland
DEU6: Joseph-Schumpeter-Allee 33, 53227, Bonn POL1: Plac Grunwaldzki 23-27, 50-365 Wroclaw
DEU7: Fritz-Haber-Strasse 9 OG 13, 06217 Merseburg POL2: Al. JJana Pawla II, 22, 00-133, Warszawa
DEU8: Schopenhauer Strasse 93 e, 14129, Berlin
Russia

Corporate Responsibility
Greece
RUS1: 2nd Syromyatnichesky per, bld.1, Space I, Room 13, 105120,
GRE1: 188A, Filolaou Str., Athens. 11632 Moscow
RUS2: Building 1, Facility 1, Room 80, 9/26 Shchipok St., Municipal District
Hong Kong Zamoskvorechye, 115054, Moscow
HNK1: 5/F, Manulife Place, 348 Kwun Tong Road, Kowloon RUS3: Building 1, facility 1, Room 5, 9/26 Shchipok St., Municipal District
HNK2: Flat 1506, 15/F, Lucky Center, No. 165-171 Wan Chai Road, Wan Chai Zamoskvorechye, 115054, Moscow
HNK3: 11/F Oxford House, Taikoo Place, 979 King’s Road, Quarry Bay
HNK4: 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Singapore
Bay
SGP1: 3 Killiney Road, #08-01 Winsland House 1, 239519
SGP2: 80 Robinson Road, #02-00, 068898
India SGP3: 1 Changi Business Park Crescent, #06-01 Plaza 8 & CBP, 48602551
IND1: 818, 8th Floor, Indraprakash Builing, 21 Barakhamba Road, New Delhi,
Delhi, 110001 South Africa
IND2: Ascendas International Tech Park, Crest Building 12th Floor, Taramani ZAF1: Ground Floor, Pebble Beach, Fourways Golf Park, Roos Street,
Road, Taramani, Chennai, 600113 Fourways Sandton, Johannesburg, Gauteng 2068
IND3: 99/100, Prestige Towers Unit No. 505, Fifth Floor, Residency Road, ZAF2: Building 8, Country Club Estate Office Park, 21 Woodlands Drive,
Bangalore, Karnataka, 560025 Woodmead, Gauteng, 2191

Financial review
IND4: 25, 3rd floor, 8th Main Road, Vasanthnager, Bangalore, Karnataka,
560052
Spain
ESP1: C/ Josep Tarradellas 20-30, 1º / 20029, Barcelona
Indonesia
IDN1: APL Tower Central Park 26th Floor Unit T3 Jl. S. Parman Kav., 28,
Sweden
Grogol, Pertamburan Jakarta Barat 11470
SWE1: Aurorum 8A 977 75 Lulea
IDN2: Gedung World Trade Center, 3 LT 20 Spaces JL Jend Sudirman Kav 29-
31 RT/RW 008/003, Karet Kuningan, Setiabudi, Jakarta Selatan, DKI
Jakarta 12940 Switzerland
CHE1: Bahnhofstrasse 100, 8001 Zurich
Irish Republic
IRL1: 80 Harcourt Street, Dublin 2, Dublin, D02 F449 Taiwan
IRL2: Suite 4320, Atlantic Avenue, Westpark Business Campus, Shannon, TWN1: Rm N818, 8F, Chia Hsin Building II, No. 9, Lane 3, Minsheng West
Clare, V14 YX01 Road, Taipei 10449
IRL3: 1F Cedarhurst Building, Arkle Road, Sandyford Business Park, Dublin,
D18 X6N2 Thailand
THA1: Sathorn Nakorn Building, Floor 32, No. 100/68-69 North Sathon Road,

Governance
Israel Silom, Bangrak, Bangkok, 10500
ISR1: Meitar, Attorneys at Law, 16 Abba Hillel Rd. Ramat Gan 5250608 THA2: 14th Floor, CTI Tower, 191/70-73 Ratchadapisek Road, Khwaeng
Klongtoey, Khet, Klongtoey, Bangkok
THA3: 2 Ploenchit Centre, Room 7, Floor G., Sukhumvit Road, Klongtoey,
Italy Bangkok, 10110
ITA1: Via Marostica 1, 20146, Milan
ITA2: Studio Colombo e Associati, Via Cino del Duca 5, 20122, Milan Turkey
TUR1: Maslak Mah. Bilim Sokak Sun Plaza Kat:13 Sisli-Maslak, Istanbul
Japan TUR2: Tuyap Fuar ve Kongre Merkezi, Cumhuriyet Mahallesi Eski Hadimkoy
Yolu 9/4, 34500 Buyukcekmece, Istanbul
JPN1: Kyodo Tsushin Kaikam 2F, 2-2-5 Toronomon, Minato-ku, Tokyo, 105-
TUR3: Esentepe Mah. Ali Kaya SK. Polat Plaza B Blok No: 1/1B Sisli, Istanbul
0001
JPN2: 1-9-15, Higashi Azabu, Minato-ku Tokyo, 106-0044
JPN3: Shinjuku-Nomura Bldg., 1-26-2 Nishi-shinjuku, Shinjuku-ku, Tokyo, 163- United Arab Emirates
0525 UAE1: Office 0225 Podium 2, Yas Creative Hub Tower 2, Abu Dhabi, PO
BOX 77899
Korea (Republic of) UAE2: Al Sufouh Complex, Office nos. 404, 405, 406 & 407, Dubai Media
City, Dubai
KOR1: Chunwoo Building, 4th floor, 534 Itaewon-dong, Yongsan-gu, Seoul,
other information
Financial statements and

140-861
KOR2: 206 Noksapyeong-daero, Yongsan-gu, Seoul, 140-861 United Kingdom
KOR3: 1622-24 Block A Terra Tower 2, 201 Songpa-daero, Songpa-gu, Seoul GBR1: 1-3 Strand, London, WC2N 5JR
KOR4: 4th floor at 195-6 Jamsil-dong, Songpagu, Seoul GBR2: Quadrant House, The Quadrant, Sutton, Surrey, SM2 5AS
GBR3: Gateway House, 28 The Quadrant, Richmond, Surrey, TW9 1DN
Macau GBR4: Lexis House, 30 Farringdon Street, London, EC4A 4HH
GBR5: Global Reach, Dunleavy Drive, Cardiff, CF11 0SN
MAC1: Rua De Xangai, No. 175 Edif. Associacao Comercial de Macau, 11
GBR6: The Boulevard, Langford Lane, Kidlington, Oxford, OX5 1GB
Andar, Bloco K

Malaysia 
MYS1: Suite 29-1, Level 29, Vertical Corporate, Tower B, Avenue 10, The
Vertical, 59200 Bangsar South City, Kuala Lumpur
204 RELX
RELX Annual Report 2022 | Financial statements and other information

28 Related undertakings (continued)

Registered offices
GBR7: 40 Kimbolton Road, Bedford, MK40 2NR
GBR8: 5 Oakwood Drive, Loughborough, LE11 3QF
GBR9: Biodata Innovation Centre Wellcome Genome Campus, Hinxton, Cambridge,
CB10 1DR
GBR10: The Barn, Horningsea Road, Cambridge, CB5 8SZ

United States
USA1: 1007 Church Street, Evanston IL 60201
USA2: 1000 Alderman Dr., Alpharetta, GA 30005
USA3: 230 Park Ave, New York, NY 10169
USA4: 1105 North Market St, Wilmington, DE 19801
USA5: 3355 West Alabama Street, Houston, TX 77098
USA6: 1150 18th St, NW, Washington, DC 20036
USA7: 313 Washington Street, Suite 400, Newton, MA 02458
USA8: 9443 Springboro Pike, Miamisburg, OH 45342
USA9: 76 St. Paul Street, Suite 500, Burlington, VT 05401-4477

Vietnam
VIE1: 2nd Floor, Kova Center, 92G-92H Nguyen Huu Canh Street, Ward no. 22,
District. Binh Thanh, Ho Chi Minh City

The following UK subsidiaries will take advantage of the audit

exemption set out with in Section 479A of the Companies Act
2006 supported by guarantees issued by RELX PLC over their
liabilities for the year ended 31 December 2022.

Registration
Company name number
Butterworths Limited 2826955
Crediva Limited 6567484
E&P Events LLP OC328529
Emailage Limited 9282165
Interfolio UK Limited 7820803
Mack-Brooks Exhibitions Limited 967560
MCM Expo Limited 8421024
MLex Limited 5488651
Offshore Europe (Management) Limited 2318214
RE (SOE) Limited 2330299
Reed Events Limited 5893942
RELX (Holdings) Limited 5807690
RELX (Investments) plc 5810043
RELX Overseas Holding Limited 9489059
REV GP (UK) LLP OC437653
REV Venture Partners Limited 4226986
SciBite Limited 7778456
Tracesmart Limited 3827062
TruNarrative Limited 10241297
RELX RELX
Annual Report 2022 | Notes to the consolidated financial statements 205

5 year summary

Overview
2018 2019 2020 2021 2022
£m £m £m £m £m
RELX consolidated financial information

Growth rates
Underlying revenue growth +4 % +4 % -9 % +7 % +9%
Underlying adjusted operating profit growth +6 % +5 % -18 % +13% +15%

Market segments
Adjusted earnings per share growth (at constant currency) +7 % +7 % -15 % +17% +10%

Adjusted figures
Revenue 7,492 7,874 7,110 7,244 8,553
Operating profit 2,346 2,491 2,076 2,210 2,683
Operating margin 31.3 % 31.6 % 29.2 % 30.5% 31.4%
Profit before tax 2,145 2,200 1,916 2,077 2,489
Net profit attributable to shareholders 1,674 1,808 1,543 1,689 1,961
Net margin 22.3 % 23.0 % 21.7 % 23.3 % 22.9%
Cash flow 2,243 2,402 2,009 2,230 2,709
Cash flow conversion 96 % 96 % 97 % 101 % 101%
Return on invested capital 13.2 % 13.6 % 10.8 % 11.9 % 12.5%

Corporate Responsibility
Earnings per share 84.7 p 93.0 p 80.1 p 87.6 p 102.2p

Dividend
Ordinary dividend per share 42.1 p 45.7 p 47.0 p 49.8p 54.6p

Reported figures
Revenue 7,492 7,874 7,110 7,244 8,553
Operating profit 1,964 2,101 1,525 1,884 2,323
Profit before tax 1,720 1,847 1,483 1,797 2,113
Net profit attributable to shareholders 1,422 1,505 1,224 1,471 1,634
Net margin 19.0 % 19.1 % 17.2 % 20.3 % 19.1%
Net debt 6,177 6,191 6,898 6,017 6,604

Financial review
Earnings per share (pence) 71.9 p 77.4 p 63.5 p 76.3 p 85.2p
(1) Adjusted figures are presented as additional performance measures used by management. Further details on the adjusted measures can be found in the
Alternative performance measures section on pages 216 to 224.
(2) Dividend per ordinary share is based on the interim dividend and proposed final dividend for the relevant year.

Governance
other information
Financial statements and
206 RELX Annual Report 2022

RELX PLC
company only
financial statements
In this section
208 RELX PLC statement of financial position
209 RELX PLC statement of changes in equity
210 RELX PLC acounting policies
211 Notes to the RELX PLC financial statements
 Overview Market segments Corporate Responsibility Financial review Governance Financial statements
Financial statements and
and
other information
other information
207
RELX Annual Report 2022
208
RELX RELX Annual Report 2022 | Financial statements and other information

RELX PLC statement of financial position

AS AT 31 DECEMBER 2021 2022

Note £m £m
Non-current assets
Investments in subsidiary undertakings 1 18,327 18,333
18,327 18,333
Current assets
Trade and other receivables 1 –
Receivables: amounts due from subsidiary undertakings 1,857 1,469
Total assets 20,185 19,802

Current liabilities
Taxation – 1
Other payables 3 154
Payables: amounts owed to subsidiary undertakings – 10
3 165
Net assets 20,182 19,637

Capital and reserves

Share capital 286 279
Share premium 1,491 1,517
Shares held in treasury (789) (312)
Capital redemption reserve 36 43
Other reserves 177 183
Merger reserve 11,150 11,150
Net profit 1,046 1,056
Reserves 6,785 5,721
Shareholders’ equity 20,182 19,637

The RELX PLC Company financial statements were approved by the Board of Directors and authorised for issue on 15 February 2023.
They were signed on its behalf by:

N L Luff
Chief Financial Officer
RELX RELX
Annual Report 2022 | RELX PLC company only financial statements 209

RELX PLC statement of changes in equity

Overview
Shares Capital
Share Share held in redemption Other Merger Net
(1) (2) (1) (3)
capital premium treasury reserve reserves reserve profit Reserves Total
£m £m £m £m £m £m £m £m £m
Balance at 1 January 2021 286 1,459 (789) 36 172 11,150 1,051 6,654 20,019
Total comprehensive income for
the year – – – – – – 1,046 – 1,046
Dividends paid (4) – – – – – – – (920) (920)

Market segments
Issue of ordinary shares, net of
expenses – 32 – – – – – – 32
Equity instruments granted to
employees of the Group – – – – 5 – – – 5
Transfer of net profit to reserves – – – – – – (1,051) 1,051 –
Balance at 1 January 2022 286 1,491 (789) 36 177 11,150 1,046 6,785 20,182
Total comprehensive income for
the year – – – – – – 1,056 – 1,056
Dividends paid (4) – – – – – – – (983) (983)
Repurchase of ordinary shares – – (650) – – – – – (650)
Cancellation of shares (7) – 1,127 7 – – – (1,127) –
Issue of ordinary shares, net of

Corporate Responsibility
expenses – 26 – – – – – – 26
Equity instruments granted to
employees of the Group – – – – 6 – – – 6
Transfer of net profit to reserves – – – – – – (1,046) 1,046 –
Balance at 31 December 2022 279 1,517 (312) 43 183 11,150 1,056 5,721 19,637
(1) The capital redemption and merger reserve do not form part of the distributable reserves balance.
(2) Other reserves relate to equity instruments granted to employees of the Group under share based remuneration arrangements, and do not form part of the
distributable reserves balance.
(3) Distributable reserves at 31 December 2022 were £6,465m (2021: £7,042m) comprising net profit and reserves, net of shares held in treasury.
(4) Refer to note 13 of the RELX consolidated financial statements on page 184 for further dividend disclosure.

Financial review
Governance
other information
Financial statements and
210
RELX RELX Annual Report 2022 | Financial statements and other information

RELX PLC accounting policies

Basis of preparation
RELX PLC meets the definition of a qualifying entity under FRS 100 (Financial Reporting Standard 100) issued by the Financial
Reporting Council (FRC). Accordingly, the financial statements are prepared in accordance with FRS 101 (Financial Reporting Standard
101) – Reduced Disclosure Framework as issued by the Financial Reporting Council, incorporating the Amendments to FRS 101 issued
by the FRC in July 2015 and the amendments to company law made by The Companies, Partnerships and Groups (Accounts and
Reports) Regulations 2015.
As permitted by FRS 101, RELX PLC has taken advantage of the disclosure exemptions available under that standard in relation to
share based payments, financial instruments, capital management, presentation of comparative information in respect of certain assets,
presentation of a cash flow statement, standards not yet effective, impairment of assets and related party transactions.
The RELX PLC financial statements have been prepared on the historical cost basis.
Unless otherwise indicated, all amounts in the financial statements are in millions of pounds.
The RELX PLC financial statements should be read in conjunction with the Group consolidated financial statements and notes
presented on pages 162 to 205, which are also presented as the RELX PLC consolidated financial statements. See the Basis of
preparation of the consolidated financial statements on page 167.
The RELX PLC financial statements are prepared on a going concern basis, as explained on page 95.
As permitted by Section 408 of the Companies Act 2006, and in compliance with The Companies, Partnerships and Groups (Accounts
and Reports) Regulations 2015, the Company has not presented its own profit and loss account but has presented the net profit for
the year on the statement of financial position.
The RELX PLC accounting policies under FRS 101 are set out below.
Investments
Fixed asset investments are stated at cost, less provision, if appropriate, for any impairment in value. The fair value of the award of
share options and conditional shares over RELX PLC ordinary shares to employees of the Group are treated as a capital contribution.
Other assets and liabilities are stated at historical cost, less provision, if appropriate, for any impairment in value.
Shares held in treasury
The consideration paid, including directly attributable costs, for shares repurchased is recognised as shares held in treasury and
presented as a deduction from total equity. Details of share capital and shares held in treasury are set out in note 23 of the Group
consolidated financial statements.
Foreign exchange translation
Transactions entered into in foreign currencies are recorded at the exchange rates applicable at the time of the transaction.
Taxation
Refer to note 9 on pages 178 to 181 of the consolidated financial statements for the taxation accounting policies.
RELX RELX
Annual Report 2022 | RELX PLC company only financial statements 211

Notes to the RELX PLC financial statements

Overview
1 Investments
Subsidiary
undertaking Total
£m £m
At 1 January 2021 18,322 18,322
Equity instruments granted to employees of the Group 5 5

Market segments
At 1 January 2022 18,327 18,327
Equity instruments granted to employees of the Group 6 6
At 31 December 2022 18,333 18,333

2 Related party transactions

All transactions with subsidiaries and the Group’s employees, which are related parties of RELX PLC, are reflected in these financial
statements. Transactions with key management personnel including share based remuneration costs are set out in note 25 of the
Group consolidated financial statements and details of the Directors’ remuneration are included in the Directors’ Remuneration Report
on pages 110 to 142.

3 Contingent liabilities

Corporate Responsibility
There are contingent liabilities in respect of debt of subsidiaries guaranteed by RELX PLC as follows:

2021 2022
£m £m
Contingent liabilities 5,679 6,518

Financial instruments disclosures in respect of the debt covered by the above guarantees are given in note 17 of the Group’s
consolidated financial statements.

Financial review
Governance
other information
Financial statements and
212 RELX Annual Report 2022

Other financial
information
In this section
214 Summary consolidated financial information in euros
215 Summary consolidated financial information in US dollars
216 Alternative performance measures
v
 Overview Market segments Corporate Responsibility Financial review Governance Financial statements and
other information
213
RELX Annual Report 2022
214
RELX RELX Annual Report 2022 | Financial statements and other information

Summary consolidated financial information

in euros
Basis of preparation
The Group’s consolidated financial information is presented in sterling. The summary financial information is a simple translation of the
Group’s consolidated financial statements into euros at the stated rates of exchange.
EXCHANGE RATES FOR TRANSLATION Statement of
Income statement financial position
2020 2021 2022 2020 2021 2022
Euro to sterling 1.12 1.16 1.17 1.12 1.19 1.13

Consolidated income statement

FOR THE YEAR ENDED 31 DECEMBER 2020 2021 2022
€m €m €m
Revenue 7,963 8,403 10,007
Operating profit 1,708 2,185 2,718
Profit before tax 1,661 2,085 2,472
Net profit attributable to shareholders 1,371 1,706 1,912
Adjusted operating profit 2,325 2,564 3,139
Adjusted profit before tax 2,146 2,409 2,912
Adjusted net profit attributable to shareholders 1,728 1,959 2,294
Adjusted earnings per ordinary share €0.897 €1.016 €1.196
Basic earnings per ordinary share €0.712 €0.885 €0.997
Net dividend per ordinary share paid in the year €0.512 €0.553 €0.599
Net dividend per ordinary share paid and proposed in relation to the financial year €0.526 €0.578 €0.639

Consolidated statement of cash flows

FOR THE YEAR ENDED 31 DECEMBER 2020 2021 2022
€m €m €m
Net cash from operating activities 1,788 2,338 2,809
Net cash used in investing activities (1,314) (445) (1,005)
Net cash used in financing activities (531) (1,863) (1,561)
(Decrease)/increase in cash and cash equivalents (57) 30 243

Movement in cash and cash equivalents

At start of year 163 99 134
(Decrease)/increase in cash and cash equivalents (57) 30 243
Exchange translation differences (7) 5 0
At end of year 99 134 377
Adjusted cash flow 2,250 2,587 3,170

Consolidated statement of financial position

AS AT 31 DECEMBER 2020 2021 2022
€m €m €m
Non-current assets 13,295 13,686 14,419
Current assets 2,547 2,805 3,468
Total assets 15,842 16,491 17,887
Current liabilities 4,899 4,460 5,861
Non-current liabilities 8,590 8,194 7,783
Total liabilities 13,489 12,654 13,644
Net assets 2,353 3,837 4,243
RELX RELX
Annual Report 2022 | Summary consolidated financial information 215

Summary consolidated financial information

Overview
in US dollars
Basis of preparation
The Group’s consolidated financial information is presented in sterling. The summary financial information is a simple translation of the
Group’s consolidated financial statements into US dollars at the stated rates of exchange. It does not represent a restatement under US
GAAP which would be different in some significant respects.
EXCHANGE RATES FOR TRANSLATION Statement of
Income statement financial position

Market segments
2020 2021 2022 2020 2021 2022
US dollars to sterling 1.28 1.38 1.24 1.37 1.35 1.21

Consolidated income statement

FOR THE YEAR ENDED 31 DECEMBER 2020 2021 2022
$m $m $m
Revenue 9,101 9,997 10,606
Operating profit 1,952 2,600 2,881
Profit before tax 1,898 2,480 2,620
Net profit attributable to shareholders 1,567 2,030 2,026
Adjusted operating profit 2,657 3,050 3,327
Adjusted profit before tax 2,452 2,866 3,086

Corporate Responsibility
Adjusted net profit attributable to shareholders 1,975 2,331 2,432
Adjusted earnings per American Depositary Share (ADS) $1.025 $1.209 $1.268
Basic earnings per ADS $0.814 $1.053 $1.056
Net dividend per ADS paid in the year $0.585 $0.658 $0.635
Net dividend per ADS paid and proposed in relation to the financial year $0.602 $0.687 $0.677

Consolidated statement of cash flows

FOR THE YEAR ENDED 31 DECEMBER 2020 2021 2022
$m $m $m
Net cash from operating activities 2,043 2,782 2,977
Net cash used in investing activities (1,501) (530) (1,065)
Net cash used in financing activities (607) (2,216) (1,654)

Financial review
(Decrease)/increase in cash and cash equivalents (65) 36 258

Movement in cash and cash equivalents

At start of year 184 121 153
(Decrease)/increase in cash and cash equivalents (65) 36 258
Exchange translation differences 2 (4) (7)
At end of year 121 153 404
Adjusted cash flow 2,572 3,077 3,359

Consolidated statement of financial position

AS AT 31 DECEMBER 2020 2021 2022
$m $m $m

Governance
Non-current assets 16,263 15,526 15,440
Current assets 3,115 3,182 3,713
Total assets 19,378 18,708 19,153
Current liabilities 5,992 5,060 6,276
Non-current liabilities 10,508 9,296 8,334
Total liabilities 16,500 14,356 14,610
Net assets 2,878 4,352 4,543
other information
Financial statements and
216
RELX RELX Annual Report 2022 | Financial statements and other information

Alternative performance measures

RELX uses a range of alternative performance measures (APMs) in the reporting of financial information, which are not defined by
generally accepted accounting principles (GAAP) such as IFRS. These APMs are used by the Board and management as they believe
they provide relevant information in assessing the Group’s performance, position and cash flows, enable investors to track more clearly
the core operational performance of the Group, and provide a clear basis for assessing RELX’s ability to raise debt and invest in new
business opportunities.
Management also uses these financial measures, along with IFRS financial measures, in evaluating the operating performance of the
Group as a whole and of the individual business areas. These measures should not be considered in isolation from, or as a substitute
for, financial information presented in compliance with IFRS. The measures may not be directly comparable to similarly reported
measures by other companies.
See below for a list of key APMs used by the Group, along with a description of each measure, its purpose, details of the closest
equivalent IFRS measure (where applicable) and a reference to where it has been used in the financial statements.

APM CLOSEST DEFINITION AND RECONCILIATION TO CLOSEST PURPOSE ANNUAL REPORT AND
EQUIVALENT EQUIVALENT IFRS MEASURE ACCOUNTS REFERENCE
IFRS MEASURE
Income
statement

Constant No direct Constant currency growth measures are Provides a measure of Financial highlights
currency equivalent calculated using the previous financial year’s full- year-on-year growth Chair’s statement
growth year average and hedge exchange rates. excluding the impact CEO report
of exchange rate Business overview
movements. Market segments
Financial review
Directors’ remuneration
report
Underlying No direct Underlying growth rates are calculated at This is a key financial Financial highlights
growth equivalent constant currencies, excluding the results of measure as it provides Chair’s statement
acquisitions until 12 months after purchase, and an assessment of year- CEO report Business
excluding the results of disposals and assets on-year growth overview
held for sale. Underlying revenue growth rates excluding the impact of Market segments
also exclude exhibition cycling. acquisitions, disposals, Financial review
exhibition cycling and Directors’ remuneration
exchange rate report
movements.

2021 2022 2021 2022

Note £m £m % %
Reported revenue growth 2 134 1,309 2% 18%
Components of reported revenue growth
Underlying revenue growth 481 656 7% 9%
Exhibitions cycling 48 106 1% 2%
Acquisitions 47 38 1% 0%
Disposals (28) (34) (1)% 0%
Total revenue growth at constant currency 548 766 8% 11%
Currency effect (414) 543 (6)% 7%
Reported revenue growth 134 1,309 2% 18%

RELX Annual Report 2022 | Alternative performance measures
RELX 217

Overview
APM CLOSEST DEFINITION AND RECONCILIATION TO CLOSEST PURPOSE ANNUAL REPORT AND
EQUIVALENT EQUIVALENT IFRS MEASURE ACCOUNTS REFERENCE
IFRS MEASURE

Underlying
growth
(continued)

Market segments
2021 2022 2021 2022
Note £m £m % %
Reported adjusted operating profit growth 134 473 6% 21%
Components of adjusted operating profit growth
Underlying adjusted operating profit growth 269 326 13% 15%
Acquisitions 11 (6) 1% 0%
Disposals (8) (14) (1)% (1)%
Total adjusted operating profit growth at constant
currency 272 306 13% 14%
Currency impact (138) 167 (7)% 7%
Reported adjusted operating profit growth 134 473 6% 21%

Corporate Responsibility
Adjusted Operating Operating profit before amortisation of acquired This is the key financial Financial highlights
operating profit intangible assets, acquisition-related items, measure used by Chair’s statement
profit and grossed up to exclude the equity share of management to CEO report
finance income, finance costs and taxes in evaluate performance Business overview
joint ventures. and allocate resources. Market segments
Financial review
Directors’ remuneration
report
Note 2

2021 2022

Financial review
Note £m £m
Operating profit 2,3 1,884 2,323
Adjustments:
Amortisation of acquired intangible assets 2 298 296
Acquisition-related items 21 62
Reclassification of tax in joint ventures 7 4
Reclassification of net finance income in joint ventures – (2)
Adjusted operating profit 2,210 2,683


Governance
other information
Financial statements and
218 RELX
RELXAnnual Report 2022 | Financial statements and other information

APM CLOSEST DEFINITION AND RECONCILIATION TO CLOSEST PURPOSE ANNUAL REPORT AND
EQUIVALENT EQUIVALENT IFRS MEASURE ACCOUNTS REFERENCE
IFRS MEASURE

Adjusted No direct Calculated as adjusted operating profit divided As above. Financial highlights
operating equivalent by revenue. Financial review
margin
Earnings No direct Calculated as adjusted operating profit before Provides a measure of Chair’s statement
before equivalent depreciation of property, plant and equipment the operating Financial review
interest, tax, (PPE) and right-of-use assets and amortisation performance of the
depreciation of internally developed intangible assets, business that is widely
and including pre-publication costs. used by relevant
amortisation stakeholders in
(EBITDA) evaluating company
performance.

2021 2022
Note £m £m
Adjusted operating profit 2 2,210 2,683
Total depreciation and other amortisation* 2,3 487 491
EBITDA 2,697 3,174
* Excludes amortisation of acquired intangibles.

Adjusted Interest Reported interest expense, less the pension Provides a measure of Financial review
interest expense financing charge, plus the share of net finance the Group’s interest
expense income from joint ventures. expense for the funding
of business operations
that is comparable from
year to year.

2021 2022
Note £m £m
Interest expense 7 142 201
Pension financing charge 6 (9) (5)
Share of net finance income from joint ventures – (2)
Adjusted interest expense 133 194

Adjusted Profit before Profit before tax before amortisation of acquired Provides a measure Financial highlights
profit before tax intangible assets, acquisition-related items, used by management to Financial review
tax reclassification of taxes in joint ventures, net evaluate performance
interest on the net defined benefit pension and allocate resources.
obligation and disposals and other non-operating
items.

2021 2022
Note £m £m
Profit before tax 1,797 2,113
Adjustments:
Amortisation of acquired intangible assets 2 298 296
Acquisition-related items 2 21 62
Reclassification of tax in joint ventures 7 4
Net interest on net defined benefit pension obligation and other 6 9 5
Disposals and other nonǦoperating items 8 (55) 9
Adjusted profit before tax 2,077 2,489

RELX Annual Report 2022 | Alternative performance measures
RELX 219

Overview
APM CLOSEST DEFINITION AND RECONCILIATION TO CLOSEST PURPOSE ANNUAL REPORT AND
EQUIVALENT EQUIVALENT IFRS MEASURE ACCOUNTS REFERENCE
IFRS MEASURE

Adjusted tax Income tax Tax expense excluding the deferred tax Provides a measure Financial review
charge expense movements associated with goodwill and of the Group’s tax
acquired intangible assets, tax on other expense relating to
acquisition-related items, reclassification of tax operating activities.

Market segments
on joint ventures, tax on net interest payments
on the net defined benefit pension obligation and
on disposals and other non-operating items.

2021 2022
Note £m £m
Tax charge 9 (326) (481)
Adjustments:
Deferred tax movements on goodwill and acquired intangible assets* 22 30
Other deferred tax credits from intangible assets** (61) (64)
Tax on acquisition-related items (11) (13)
Reclassification of tax in joint ventures (7) (4)

Corporate Responsibility
Tax on net interest on net defined benefit pension obligation and other (2) (1)
Tax on disposals and other non-operating items 1 3
Adjusted tax charge (384) (530)
* The adjusted tax charge excludes the movements in deferred tax assets and liabilities related to goodwill and acquired intangible assets, but includes the benefit of
tax amortisation where available on acquired goodwill and intangible assets.
** Movements on deferred tax liabilities arising on acquired intangible assets that do not qualify for tax amortisation.

Effective tax Income tax Income tax expense expressed as a percentage Provides a measure of Financial review
rate rate of profit before tax. the Group’s tax charge Note 9
For a reconciliation between the net tax expense relative to its profit
charged on profit before tax and the theoretical before tax that is
amount that would arise using the weighted comparable from year

Financial review
average of tax rates applicable to accounting to year.
profits and losses of the consolidated entities,
refer to note 9.
Adjusted No direct Calculated as the adjusted tax charge as a Provides a measure of Financial review
effective tax equivalent percentage of adjusted profit before tax. the Group’s tax charge
rate relative to its profit
before tax that is
comparable from year
to year.

Governance
other information
Financial statements and
220 RELX
RELXAnnual Report 2022 | Financial statements and other information

APM CLOSEST DEFINITION AND RECONCILIATION TO CLOSEST PURPOSE ANNUAL REPORT AND
EQUIVALENT EQUIVALENT IFRS MEASURE ACCOUNTS REFERENCE
IFRS MEASURE

Adjusted net Net profit Net profit attributable to shareholders before Provides a measure of Financial highlights
profit attributable to amortisation of acquired intangible assets, other the Group’s profitability Financial review
attributable to shareholders deferred tax credits from intangible assets and after tax attributable to Note 10
shareholders items treated as exceptional, acquisition-related shareholders.
items, net interest on the net defined benefit
obligation, disposals and other non-operating
items.

2021 2022
Note £m £m
Net profit attributable to shareholders 1,471 1,634
Adjustments (post-tax):
Amortisation of acquired intangible assets 316 326
Other deferred tax credits from intangible assets* (61) (64)
Acquisition-related items 10 49
Net interest on net defined benefit pension obligation and other 7 4
Disposals and other non-operating items (54) 12
Adjusted net profit attributable to shareholders 1,689 1,961
* Movements on deferred tax liabilities arising on acquired intangible assets that do not qualify for tax amortisation.

Adjusted Earnings per Adjusted net profit attributable to shareholders Provides a measure of Financial highlights
earnings per share divided by the weighted average number of the Group’s earnings Chair’s statement
share shares. per share that is CEO report
comparable from year Business overview
to year. Financial review
Note 10

Note 2021 2022

Adjusted net profit attributable to shareholders (£m) 10 1,689 1,961
Weighted average number of shares (m) 10 1,928.0 1,918.5
Adjusted earnings per share (p) 87.6 102.2

RELX Annual Report 2022 | Alternative performance measures
RELX 221

Overview
APM CLOSEST DEFINITION AND RECONCILIATION TO CLOSEST PURPOSE FINANCIAL STATEMENT
EQUIVALENT EQUIVALENT IFRS MEASURE REFERENCE
IFRS MEASURE

Cash flow statement

Adjusted Cash Cash generated from operations plus dividends Provides a measure of Financial highlights
cash flow generated from joint ventures less net capital expenditure the Group’s operating Financial review

Market segments
from on property, plant and equipment (PPE) cash flow that is
operations and internally developed intangible assets, comparable from year
repayment of lease principal and sublease to year.
payments received and excluding pension
deficit payments and payments in relation to
acquisition-related items. Exceptional cash
costs in the Exhibitions business have also
been excluded.

2021 2022
Note £m £m
Cash generated from operations 11 2,476 3,061
Adjustments:

Corporate Responsibility
Dividends received from joint ventures 15 20 33
Purchases of PPE 16 (28) (36)
Proceeds from disposals of PPE 5 –
Expenditure on internally developed intangible assets (309) (400)
Payments in relation to acquisition-related items 46 54
Pension recovery payment 44 50
Repayment of lease principal* (77) (79)
Sublease payments received 1 1
Exceptional costs in Exhibitions 52 25
Adjusted cash flow 2,230 2,709
* Excludes repayments and receipts in respect of disposal-related vacant property and is net of sublease receipts.

Financial review
Adjusted No direct Adjusted cash flow divided by adjusted Provides a measure of Financial highlights
cash flow equivalent operating profit. turning operating profit Business overview
conversion into cash. Financial review

2021 2022
Note £m £m
Adjusted cash flow 2,230 2,709
Adjusted operating profit 2 2,210 2,683
Adjusted cash flow conversion 101% 101%

Free cash Cash inflow Adjusted cash flow less net interest paid, cash Provides a measure of Financial review

Governance
flow from tax paid, acquisition-related payments and cash flows that could be Note 17
operating exceptional costs paid in relation to the used for organic
activities Exhibitions business. investment in the
business, acquisitions,
distribution of dividends,
share buybacks or the
repayment of debt.

2021 2022
Note £m £m
Adjusted cash flow 2,230 2,709
Interest paid (net) (118) (165)
Cash tax paid* 9 (342) (495)
other information
Financial statements and

Exceptional costs in Exhibitions (52) (25)

Acquisition-related items (46) (54)
Free cash flow 1,672 1,970
* Net of cash tax relief on acquisition-related items and including cash tax impact of disposals.


222 RELX
RELXAnnual Report 2022 | Financial statements and other information

APM CLOSEST DEFINITION AND RECONCILIATION TO CLOSEST PURPOSE FINANCIAL STATEMENT

EQUIVALENT EQUIVALENT IFRS MEASURE REFERENCE
IFRS MEASURE

Dividend No direct The number of times the total interim and Provides a measure of Financial review
cover equivalent proposed final dividends for the year is covered the Group’s earnings Directors’ report
by the adjusted earnings per share. It is relative to ordinary
calculated as adjusted earnings per share dividend payments.
divided by ordinary dividends per share.

Note 2021 2022

Adjusted earnings per share 10 87.6p 102.2p
Ordinary dividends per share 13 49.8p 54.6p
Dividend cover 1.8x 1.9x

Note 2021 2022

Basic earnings per share 10 76.3 85.2
Ordinary dividends per share 13 49.8p 54.6p
Basic dividend cover 1.5x 1.6x

Net capital No direct Net goodwill and acquired intangible assets, net internally Provides a Financial review
employed equivalent developed intangible assets, net property, plant and measure of the
equipment, right-of-use assets and investments less capital used in
net pension obligations and working capital. operations.

2021 2022
Note £m £m
Goodwill and acquired intangible assets* 9,419 10,477
Internally developed intangible assets* 14 1,251 1,435
Property, plant and equipment*, right-of-use assets* and investments 504 557
Net pension obligations 6 (269) (55)
Working capital (1,095) (1,325)
Net capital employed 9,810 11,089

* Net of accumulated depreciation and amortisation.

Invested No direct Net capital employed, adjusted to add back Used to calculate the Financial review
capital/ equivalent accumulated amortisation and impairment of return on invested Directors’ report
capital acquired intangible assets and goodwill, to capital (see below).
employed remove non-operating investments and the
gross up to goodwill in respect of deferred tax,
and other items.

2021 2022
Note £m £m
Net capital employed 9,810 11,089
Accumulated amortisation and impairment of acquired intangible assets and goodwill 7,065 8,000
Non-operating investments 15 (107) (127)
Deferred tax on goodwill and other (1,234) (1,392)
Invested capital/capital employed 15,534 17,570

RELX Annual Report 2022 | Alternative performance measures
RELX 223

Overview
APM CLOSEST DEFINITION AND RECONCILIATION TO CLOSEST PURPOSE FINANCIAL STATEMENT
EQUIVALENT EQUIVALENT IFRS MEASURE REFERENCE
IFRS MEASURE

Return on No direct Post tax adjusted operating profit expressed This is a key financial Financial highlights
invested equivalent as a percentage of average capital employed. measure used by Business overview
capital management that Financial review
(ROIC) demonstrates the

Market segments
efficiency of the use
of capital.

Note 2021 2022

Adjusted operating profit 2 2,210 2,683
Tax at adjusted effective rate (409) (571)
Adjusted effective tax rate 18.5% 21.3%
Adjusted operating profit after tax 1,801 2,112
Average invested capital* 15,108 16,920
ROIC 11.9% 12.5%
* Average of invested capital at the beginning and the end of the year, retranslated at average exchange rates for the year.

Corporate Responsibility
Capital No direct Additions to property, plant and equipment and Provides a measure of Chair’s statement
expenditure equivalent internally developed intangible assets. the amounts invested Financial review
in new products and Directors’ report
related infrastructure Governance
across the business. Note 2

2021 2022
Note £m £m
Additions to property, plant and equipment 16 28 36
Additions to internally developed intangible assets 14 309 400
Capital expenditure 337 436

Financial review


Governance
other information
Financial statements and
224 RELX
RELXAnnual Report 2022 | Financial statements and other information

APM CLOSEST DEFINITION AND RECONCILIATION TO CLOSEST PURPOSE FINANCIAL STATEMENT

EQUIVALENT EQUIVALENT IFRS MEASURE REFERENCE
IFRS MEASURE

Statement of financial position

Net debt No direct Net debt excluding pensions: debt less cash and Provides a measure of Financial highlights
excluding equivalent cash equivalents, related derivative financial the Group’s level of Chair’s statement
pensions / instruments and finance lease receivables. indebtedness. Financial review
net debt Governance
including Directors’ report
pensions Note 17

2021 2022
Note £m £m
Debt 11,21 6,167 6,730
Cash and cash equivalents 11 (113) (334)
Related derivative financial instruments 11 (35) 213
Finance lease receivables 11 (2) (5)
Net debt excluding pensions 11 6,017 6,604
Pension deficit 6 315 184
Net debt including pensions 6,332 6,788

Leverage No direct For details of the closest equivalent IFRS Provides a measure of Chair’s statement
ratios equivalent measures to net debt and EBITDA, see above. the financial leverage of Financial review
For the purpose of calculating leverage ratios, the Group. Governance
share of results in joint ventures, the equity
share of finance income, finance costs,
taxes and amortisation in joint ventures,
and acquisition-related items are deducted
from EBITDA.

2021 2022 2021 2022

Note £m £m $m* $m*
EBITDA 2,697 3,174 3,722 3,936
Less joint venture adjusted operating profit (37) (22) (51) (27)
Acquisition-related items** 2 (48) (62) (66) (77)
EBITDA for leverage ratio 2,612 3,090 3,605 3,832

Net debt excluding pensions (A) 6,017 6,604 8,123 7,991

Net debt including pensions (B) 6,332 6,788 8,548 8,213
EBITDA for leverage ratio (C) 2,612 3,090 3,605 3,832
Leverage ratio excluding pensions (A/C) 2.3x 2.1x
Leverage ratio including pensions (B/C) 2.4x 2.1x
* EBITDA and net debt have been translated from sterling to US dollars using, respectively, average and year end exchange rates, as shown on page 215.
** In 2021, this excludes gains of £27m from the revaluation of a put and call option arrangement relating to a non-controlling interest in a subsidiary within Legal.
RELX Annual Report 2022 225

Overview
Shareholder

Market segments
information
In this section
226 Shareholder information

Corporate Responsibility
228 Shareholder information and contacts
IBC 2023 financial calendar

Financial review
Governance
other information
Financial statements and
226 RELX Annual Report 2022 | Financial statements and other information

Shareholder information

2022 Annual Report including Corporate Responsibility Report Information for registered
and Financial Statements (the Annual Report)
The Annual Report for RELX PLC (the Company) for the year ordinary shareholders
ended 31 December 2022 is available on the Company’s website, Shareholder services
and from the registered office of RELX PLC shown on page 228. The RELX PLC ordinary share register is administered by Equiniti
Additional financial information, including the interim Limited. Equiniti provides a free online portal for shareholders
and full-year results announcements, trading updates and at www.shareview.co.uk. Shareview allows shareholders
presentations, is also available on the Company’s website to monitor the value of their shareholdings, view their dividend
www.relx.com. payments and submit dividend mandate instructions.
The consolidated financial statements set out in the Annual Report Shareholders can also submit their proxy voting instructions
are expressed in sterling, with summary financial information ahead of Company meetings and update their personal contact
expressed in Euro and US dollars. details. Shareview Dealing provides a share purchase and sale
facility. Equiniti’s contact details are shown on page 228.
Share price information
RELX PLC’s ordinary shares are traded on the Electronic communications
London Stock Exchange. While hard copy shareholder communications continue to be
available to those shareholders requesting them, in accordance
PLC with the Companies Act 2006 and the Company’s Articles of
Trading symbol REL Association, the Company uses its website as the main method of
ISIN GB00B2B0DG97 communicating with shareholders. By registering their details
online at Shareview, shareholders can be notified by email when
RELX PLC’s ordinary shares are traded on the shareholder communications are published on the Company’s
Euronext Amsterdam Stock Exchange. website. Shareholders can also use the Shareview website to
appoint a proxy to vote on their behalf at shareholder meetings.
PLC
Trading symbol REN Shareholders who hold their Company shares through CREST
ISIN GB00B2B0DG97 may appoint proxies for shareholder meetings through the CREST
electronic proxy appointment service by using the procedures
RELX PLC’s ordinary shares are traded on the described in the CREST manual.
New York Stock Exchange in the form of American Depositary
Shares (ADSs), evidenced by American Depositary Receipts (ADRs). Dividend mandates
Shareholders are encouraged to have their dividends paid
PLC ADRs directly into a UK bank or building society account. This method
Ratio to ordinary shares 1:1 of payment reduces the risk of delay or loss of dividend cheques
Trading symbol RELX in the post and ensures the account is credited on the dividend
CUSIP code 759530108 payment date. A dividend mandate form can be obtained online at
www.shareview.co.uk, or by contacting Equiniti at the address
The RELX PLC ordinary share price and the ADS price may be shown on page 228.
obtained from the Company’s website, other online sources and
the financial pages of some newspapers. Equiniti has established a service for overseas shareholders
in over 90 countries, which enables shareholders to have
For further information visit the ‘Investor Centre’ section their dividends automatically converted from sterling and
of the Company’s website www.relx.com/investorcentre paid directly into their nominated bank account. Further
details of this service, and the fees applicable, are available
at www.shareview.co.uk/info/ops or by contacting Equiniti
at the address shown on page 228.
Dividend Reinvestment Plan
Shareholders can choose to reinvest their Company dividends by
purchasing further shares through the Dividend Reinvestment
Plan (DRIP) provided by Equiniti. Further information
concerning the DRIP facility, together with the terms and
conditions and an application form can be obtained online at
www.shareview.co.uk/info/drip or by contacting Equiniti
at the address shown on page 228.
RELX Annual Report 2022 | Shareholder information 227

Share dealing service
A telephone and internet dealing service is available through
Equiniti, which provides a simple way for UK resident shareholders
to buy or sell their shares. For telephone dealing call 0345 603
7037 between 8.30am and 5.30pm (UK time), Monday to Friday
(excluding public holidays in England and Wales), and for
Overview
How to avoid share fraud and boiler room scams
The FCA has issued some guidance on how to recognise and avoid
investment fraud:
ƒLegitimate firms authorised by the FCA are unlikely to contact
you unexpectedly with an offer to buy or sell shares
ƒIf you receive an unsolicited phone call, do not get into a

internet dealing log on to www.shareview.co.uk/dealing.
You will need your shareholder reference number as shown on
your dividend confirmation.
ShareGift
The Orr Mackintosh Foundation operates a scheme for
shareholders with small shareholdings, that may be too small
to sell economically, to make donations of shares. Details of
the scheme can be obtained from the ShareGift website at
www.sharegift.org, or by telephoning ShareGift
on 020 7930 3737.
Sub-division of ordinary shares and share consolidation
Market segments
conversation, note the name of the person and firm
contacting you and then end the call
ƒCheck the Financial Services Register available at
register.fca.org.uk to see if the person and firm contacting
you is authorised by the FCA. If you wish to call the person or
firm back, only use the contact details listed on the Register
ƒCall the FCA on 0800 111 6768 if the firm does not have any
contact details on the Register, or if you are told that they are
out of date
ƒSearch the list of unauthorised firms to avoid at
www.fca.org.uk/consumers/unauthorised-firms-

Corporate Responsibility
individuals#list
On 28 July 1986, each RELX PLC ordinary share of £1 nominal
value was sub-divided into four ordinary shares of 25p each.
ƒIf you do buy or sell shares through an unauthorised firm,
you will not have access to the Financial Ombudsman Service
On 2 May 1997, each 25p ordinary share was sub-divided into two
or the Financial Services Compensation Scheme
ordinary shares of 12.5p each. On 7 January 2008, the ordinary
shares of 12.5p each were consolidated on the basis of 58 new
ƒConsider obtaining independent financial and professional
advice before you hand over any money. If it sounds too good
ordinary shares of 14⁵¹⁄₁₁₆p nominal value for every 67 ordinary
to be true, it probably is
shares of 12.5p each held.
How to report a scam
Capital gains tax
If you are approached by fraudsters, please tell the FCA using
The mid-market price of RELX PLC’s £1 ordinary shares on
the share fraud reporting form at www.fca.org.uk/
31 March 1982 was 282p. Adjusting for the sub-divisions and
consumers/report-scam-unauthorised-firm, where you

Financial review
share consolidation referred to above results in an equivalent
can find out more about investment scams. You can also call
mid-market price of 40.72p for each existing ordinary share of
the FCA Consumer Helpline on 0800 111 6768.
14⁵¹⁄₁₁₆p nominal value.
If you have already paid money to share fraudsters, you should
contact Action Fraud on 0300 123 2040 or use its online tool:
Warning to shareholders – unsolicited www.actionfraud.police.uk/report_fraud
investment advice
ƒFrom time to time shareholders may receive unsolicited calls
from fraudsters
ƒFraudsters use persuasive and high-pressure tactics to lure
investors into scams, sometimes known as boiler room scams

Governance
ƒThey may offer to sell shares that turn out to be worthless or
non-existent, or to buy shares at an inflated price in return for
an upfront payment
ƒWhile high profits are promised, if you buy or sell shares in this
way you will probably lose your money
ƒThousands of people contact the Financial Conduct Authority
(FCA) about investment fraud each year
other information
Financial statements and
228 RELX Annual Report 2022 | Financial statements and other information

Shareholder information and contacts

Information for holders of ordinary shares Dividend currency elections

held through Euroclear Nederland
Shareholders with enquiries concerning RELX PLC ordinary
shares that are not held directly on the Register of Members and
are ultimately held through Nederlands Centraal Instituut voor
Giraal Effectenverkeer BV (Euroclear Nederland) should direct
their enquiries to the broker, financial intermediary, bank or
other financial institution that holds the shares on their behalf.
Dividend Reinvestment Plan
Shareholders can choose to reinvest Company dividends by
purchasing shares through the Dividend Reinvestment Plan
(DRIP) provided by ABN AMRO Bank NV. Further information
concerning the DRIP facility can be obtained via as.exchange.
agency@nl.abnamro.com.
Information for ADR holders
ADR shareholder services
Enquiries concerning RELX PLC ADRs should be addressed
to the ADR Depositary, Citibank NA, at the address shown below.
Dividend payments on RELX PLC ADRs are converted into US
dollars by the ADR Depositary.
Annual Report on Form 20-F
The RELX Annual Report on Form 20-F is filed electronically
with the United States Securities and Exchange Commission.
A copy of the 2022 Annual Report on Form 20-F is available on the
Company’s website, or from the ADR Depositary at the address
shown below.
Shareholders appearing on the Register of Members or holding
their shares through CREST will continue to receive their
dividends in Pounds Sterling, but will have the option to elect
to receive their dividends in Euro. Euro payments will be made
by cheque only.
Shareholders who appear on the Register of Members and wish
to receive their dividend in Euro should contact our Registrar,
Equiniti on 0371 384 2960 (UK) or +44 (0) 121 415 0165 (from outside
the UK) for a dividend election form and further information
regarding the Euro dividend option. Alternatively, shareholders
can view and update their current dividend elections by registering
for a Shareview Portfolio at www.shareview.co.uk/register.
Shareholders who hold their shares through CREST and wish to
receive their dividend in Euro, must do so by following the CREST
Elections process.
Shareholders who hold RELX PLC shares through Euroclear
Nederland (via banks and brokers), will automatically receive their
dividends in Euro, but will have the option to elect to receive their
dividends in Pounds Sterling.
Shareholders who hold their shares through Euroclear Nederland
and wish to receive their dividends in Pounds Sterling should
contact their broker, financial intermediary, bank or other
financial institution that holds the shares on their behalf.

Contacts
RELX PLC Listing/paying agent for shares listed on Euronext Amsterdam
Head Office and Registered Office held through Euroclear Nederland
1-3 Strand ABN AMRO Bank NV
London WC2N 5JR Department Corporate Broking and Issuer Services HQ7212
United Kingdom Gustav Mahlerlaan 10
Tel: +44 (0)20 7166 5500 1082 PP Amsterdam
Fax: +44 (0)20 7166 5799 The Netherlands
Auditor Email: as.exchange.agency@nl.abnamro.com
Ernst & Young LLP
RELX PLC ADR Depositary
1 More London Place
Citibank Shareholder Services
London SE1 2AF
PO Box 43077
United Kingdom
Providence, RI 02940-3077
Registrar USA
Equiniti Limited
www.citi.com/dr
Aspect House
Spencer Road Email: citibank@shareholders-online.com
Lancing BN99 6DA Tel: +1 877 248 4237
West Sussex +1 781 575 4555 (callers outside the US)
United Kingdom
www.shareview.co.uk
Tel: 0371 384 2960 (UK callers)
Tel: +44 121 415 0165 (callers outside the UK)
2023 financial calendar

16 February Results announcement for the year ended 31 December 2022

20 April Trading update issued in relation to the 2023 financial year
20 April Annual General Meeting
27 April Ex-dividend date – 2022 final dividend, ordinary shares and ADRs
28 April Record date – 2022 final dividend, ordinary shares and ADRs
17 May Dividend currency and DRIP election deadline
23 May Euro dividend equivalent announcement
7 June Payment date – 2022 final dividend, ordinary shares
12 June Payment date – 2022 final dividend, ADRs
27 July Interim results announcement for the six months to 30 June 2023
3 August* Ex-dividend date – 2023 interim dividend, ordinary shares and ADRs
4 August* Record date – 2023 interim dividend, ordinary shares and ADRs

* Please note that these dates are provisional and subject to change. The 2023 interim dividend payment dates in respect of ordinary shares and ADRs will be confirmed by the
Company in its 2023 Interim Results announcement, currently scheduled for release on 27 July 2023.

Dividend history
The following tables set out dividends paid (or proposed) in relation to the three financial years 2020–2022.
Pence per PLC Euro equivalent
ORDINARY SHARES ordinary share (€) Payment date
Final dividend for 2022** 38.9 *** 7 June 2023
Interim dividend for 2022 15.7 0.186 8 September 2022
Final dividend for 2021 35.5 0.419 7 June 2022
Interim dividend for 2021 14.3 0.167 8 September 2021
Final dividend for 2020 33.40 0.387 3 June 2021
Interim dividend for 2020 13.60 0.151 2 September 2020
** Proposed dividend, to be submitted for approval at the Annual General Meeting of RELX PLC in April 2023.
*** Payment will be determined using the appropriate £/€ exchange rate on 23 May 2023.

ADRS $ per PLC ADR Payment date

Final dividend for 2022** **** 12 June 2023
Interim dividend for 2022 0.1801880 13 September 2022
Final dividend for 2021 0.4442820 10 June 2022
Interim dividend for 2021 01965820 13 September 2021
Final dividend for 2020 0.4706720 8 June 2021
Interim dividend for 2020 0.18081 8 September 2020

****Payment will be determined using the appropriate £/US$ exchange rate on 7 June 2023.

Credits
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Photography:
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